REC registers highest ever quarterly profit at Rs 3,773 crore in Q2FY24
State-owned power sector financing company REC Ltd posted its highest ever quarterly profit at Rs 3,773 crore during the second quarter of the financial year 2023-24. The profit was up 28 per cent over corresponding period in financial year 2022-23.
The company in a public statement said the increase in profit was owing to the “improving asset quality, increase in lending rates and effective management of finance cost”.
“As a result, the annualised earnings per share for the quarter ended September 30, 2023 accelerated to ₹51.14 per share as against ₹39.32 per share as at September 30, 2022,” it said. The company also said its net worth has also grown by 18 per cent to Rs 63,117 crore.
