REC Records Its Highest Ever Yearly Profit at Rs. 8,362 crores
Dated May 28 2021
The Board of Directors of REC Limited approved the audited standalone and consolidated financial results for Q4 & 12M FY21 today.
Operational and Financial Highlights – FY21 vs FY20 (Standalone)
Sanctions - Rs. 1,54,821 crore vs. Rs. 1,10,908 crore, up 40%
Disbursements - Rs. 92,987 crore vs. Rs. 75,667 crore, up 23%
Total Income – Rs. 35,410 crore vs. Rs. 29,829 crore, up 19%
Net Profit – Rs. 8,362 crore vs. Rs. 4,886 crore, up 71%
With healthy operational performance during the quarter, the company has clocked quarterly profit of Rs. 2,070 crore during Q4 FY21, as against Rs. 436 crore during Q4 FY20. This translates to Earnings Per Share (EPS) (non-annualized) of Rs. 10.48 for the quarter ended 31st March 2021 as against Rs. 2.21 per share during the same quarter last year.
The loan book has grown from Rs. 3.22 lakh crores as on 31st March 2020 to Rs. 3.77 lakh crores as on 31st March 2021. Aided by the profits, the Net Worth of the Company as at 31st March 2021 has reached Rs. 43,426 crore with book value at Rs. 220 per share. The Capital Adequacy Ratio of the Company has also improved sequentially to 19.72% as on 31st March 2021 which will aid the future growth for the Company.
With sustained trend of improving asset quality, the Net Credit-impaired assets have reduced to 1.71% as on 31st March 2021, as against 3.32% as on 31st March 2020. The Provisioning Coverage Ratio of the Company has also improved to 64.59% as on 31st March 2021, as against 49.65% as on 31st March 2020.