Nevertheless, the state-run agency’s web revenue declined by nearly 13 per cent on a sequential foundation.
REC’s consolidated complete revenue through the December quarter was greater at ₹12,071.54 crore in comparison with ₹11,701.26 crore in Q2 FY24 and ₹9,795.47 crore in Q3 FY23.
“In the course of the quarter, three burdened belongings have been resolved with an impressive mortgage amounting to ₹1,080.63 crore and after adjusting Anticipated Credit score Loss (ECL) of ₹531.50 crore and recoveries of ₹580.61 crore, an quantity of ₹31.48 crore has been written again,” REC stated in its outcomes submitting with BSE.
On a standalone foundation, REC’s web revenue rose by 14 per cent y-o-y to ₹3,269 crore. Its mortgage sanctions rose by a whopping 177 per cent y-o-y to ₹1,32,049 crore towards ₹47,712 crore. Renewable sector accounted for 57 per cent of the overall sanctions.
The disbursements throughout Q3 FY24 stood at ₹46,358 crore towards ₹29,639 crore in Q3 FY23, whereas curiosity revenue on mortgage belongings stood at ₹11,812 crore in comparison with ₹9,660 crore.
“Owing to the bettering asset high quality, improve in lending charges and efficient administration of finance value, REC is ready to file its highest ever 9M revenue of ₹10,003 crore. In consequence, the annualised Earnings Per Share (EPS) for the interval ended December 31, 2023 accelerated to ₹50.65 per share as towards ₹40.79 per share as at December 31, 2022,” REC stated in an announcement.
Aided by progress in earnings, the web price has grown to ₹64,787 crore in Q3 FY23, which is a rise of 18 per cent on an annual foundation.
The mortgage e book has maintained its progress trajectory and has elevated by 21 per cent y-o-y to ₹4.97 lakh crore in Q3 FY24 as towards ₹4.11 lakh crore in Q3 FY23.
Signifying bettering asset high quality, the web credit-impaired belongings have diminished to 0.82 per cent from 1.12 per cent as at December 31, 2022 with provision protection ratio of 70.41 per cent on NPA belongings, as at December 31, 2023.
Indicating the ample alternative to assist the longer term progress, the Capital Adequacy Ratio (CRAR) of the corporate stands at a cushty 28.21 per cent as of December 2023.
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