REC Declares Highest Ever 2nd Interim Dividend of ₹ 4.00 a Share

Delhi/Gurugram:  The Board of Directors of REC Limited, today approved the limited reviewed standalone and consolidated financial results for the half year ended September 30, 2024, according to the company press note.

 Owing to growth in all the verticals, resetting of interest rates on loan assets and effective management of Finance cost, REC is able to maintain its spreads and NIMs resulting in robust half yearly profit after tax of ₹7,448 crore. As a result, the Earnings Per Share (EPS) for the period ended September 30, 2024 accelerated to ₹28.28 (Annualized ₹56.56) per share as against ₹25.57 (Annualized ₹51.14) per share as at September 30, 2023.

The loan book; Asset Under Management  has maintained its growth trajectory and has increased by 15.2% on sustained basis to ₹5.46 lakh crore as against ₹4.74 lakh crores as at September 30, 2023. The net credit-impaired assets as at September 30, 2024 have reduced to 0.88% from 0.96% as at September 30, 2023 with Provision Coverage Ratio of 65.12% on NPA assets, as at September 30, 2024.

 Aided by growth in profits, the Net Worth has grown to ₹72,893 crores as on September 30, 2024, as compared to ₹63,117 crore as on Sept 30,2023 registering an increase of 15% YoY.   Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 25.31% as at September 30, 2024.

 Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the 2^nd interim dividend of ₹ 4.00 per equity share (on face value of ₹10/- each).