REC declares its Quarterly Financial Results for Q1 FY22
Dated Aug 05 2021
The Board of Directors of REC Limited approved the unaudited standalone and consolidated financial results for Q1 FY22 today.
Financial Highlights – Q1 FY22 vs Q1 FY21 (Standalone)
Total Income – Rs. 9,592 crores vs. Rs. 8,110 crores, up 18%
Net Profit – Rs. 2,247 crores vs. Rs. 1,839 crores, up 22%
During Q1 FY22, the company has registered a Net Profit of Rs. 2,247 crores, as against Rs. 1,839 crores during Q1 FY21, a growth of 22%. Consequently, the annualized Earnings Per Share for the quarter ended 30th June 2021 increased to Rs. 45.52 as against Rs. 37.24 per share during the same quarter last year. With a Net Worth of Rs. 45,690 crores as on 30th June 2021, the company’s book value per share is Rs. 231.
The loan book has grown by 15% from Rs. 3.31 lakh crore as on 30th June 2020 to Rs. 3.79 lakh crore on 30th June 2021. Along with an increase in the loan book, the Company has been able to maintain the trend of asset resolutions. The Net Credit-impaired assets have reduced to 1.61% as on 30th June 2021, as against 2.88% as on 30th June 2020. The Provision Coverage Ratio against Credit impaired assets has also improved from 52.89% on 30th June 2020 to 66.48% as on June 30, 2021.
The Capital Adequacy Ratio of the Company stands at a comfortable 20.21% as on 30th June 2021, implying ample opportunity to support future growth.
Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has also declared final dividend of Rs. 1.71 per share of Rs. 10 each, in addition to Rs. 11 per share already paid as interim dividend for the financial year 2020-21 and the record date for such final dividend has been fixed at 17th September 2021. Additionally, the company has also declared an interim dividend of Rs. 2 per share of Rs. 10 each for the financial year 2021-22 and the record date for such interim dividend has been fixed at 17th August 2021.