REC Ltd on January 23 reported a net profit of Rs 3,269.3 crore for the quarter ending December 2023, which is 13.6 percent higher as compared to the year-ago period.
The company's net profit in the third quarter of the previous fiscal stood at Rs 2,878 crore.
The state-owned firm, which is a subsidiary of Power Finance Corporation, also reported a net interest income (NII) of Rs 4,159 crore in Q3FY24.
The NII clocked during the quarter under review is 18 percent higher, as compared to Rs 3,525 crore reported in the comparable year-ago period.
The corporation finance corporation's gross non-performing assets (NPA) ratio improved to 2.78 percent, as against 3.14 percent in the preceding quarter. The net NPA also improved to 0.82 percent from 0.96 percent in the June-September period.
The net interest margin in Q3FY24 stood at 3.61 percent, as against 3.45 percent in the preceding quarter. The provisional coverage ratio was also higher at 70.41 percent, as compared to 69.37 percent in the second quarter.
REC shares were trading in the red on January 23, in a session in which the markets witnessed an intense selloff. The company's scrip was valued at Rs 430.65 apiece on the BSE at 2:55 pm, down by 6.38 percent as against the previous day's close.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
