State-owned REC Ltd on April 30 reported a net profit of Rs 4,079.09 crore for the quarter ending March 31, 2024, which is about 33 percent higher as compared to the year-ago period.
The company's net profit in the fourth quarter of the previous fiscal stood at Rs 3,065.37 crore. Net interest income for the quarter rose to Rs 4,407 crore, up 29 percent from Rs 3,409 crore reported a year earlier.
Its total income for the fourth quarter came at Rs 12,706.66 crore from Rs 10,254.63 crore in the year-ago period. Shares of the state-owned company ended at Rs 509 on the NSE, up 9.94 percent.
The net credit-impaired assets on March 31, 2024 have reduced to 0.86 percent from 1.01 percent as at March 31, 2023 with provision coverage ratio of 68.45 percent on nonperforming assets, as on March 31, 2024.
REC Ltd, which operates under the ministry of power, is a non-banking financial company dedicated to financing and developing the power sector throughout India.
For the entire FY24, the company's net profit was Rs 14,019 crore, up from Rs 11,054.64 crore in FY23.
"Owing to the improving asset quality and effective resolution of stressed assets, resetting of the lending rates and effective management of Finance Cost, REC is able to record its the highest ever annual profit after tax of Rs 14,019 crore," REC said in a press statement.
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