REC declares its financial results for Q3 and 9M FY22: Highest quarterly profit of ₹ 2,773 Cr
REC announced a third interim dividend of ₹ 6 / – per share. At a rate of 10 per cent for the F/Y 2021-22
Gurugram: The Board of Directors of REC Limited approved the unaudited standalone and consolidated financial results for Q3 FY22 yesterday.
Financial Highlights – Q3 FY22 vs Q3 FY21 (Standalone)
Total Income – ₹ 10,039 crores vs. ₹ 9,047 crores, up 11%
Net Profit – ₹ 2,773 crores vs. ₹ 2,263 crores, up 23%
Owing to the sound income, effective cost management and resultant quarterly profit, the annualized Earnings Per Share for the quarter ended 31st December 2021 increased to ₹ 56.16 as against ₹ 45.84 per share during the same quarter last year. Aided by growth in profits, the Net Worth has grown to ₹ 50,258 crores as on 31st December 2021, an increase of 20% YoY.
The loan book has maintained its growth trajectory and has increased by 9% to ₹ 3.89 lakh crore as at 31st December 2021 as compared to ₹ 3.57 lakh crores as on 31st December 2020. The Provision Coverage Ratio against Credit impaired assets stands at 65.72% as on 31st December 2021.
The Capital Adequacy Ratio of the Company stands at a comfortable 23.22% as on 31st December 2021, implying ample opportunity to support the future growth.
Continuing with the tradition to reward its shareholders, in addition to the interim dividend already paid of ₹ 4.50 per equity shares, the Board of Directors of the Company has declared third interim dividend of ₹ 6/- per equity share and 16th February 2022 has been fixed as record date.