REC Limited has announced that its audited standalone and consolidated financial results for the quarter ending September 30, 2024, have been approved. In the second quarter of fiscal year (FY) 2025, REC experienced a significant increase in revenue from operations compared to the same period in FY24. Revenue rose to Rs 135.71 billion, a 17 percent increase from Rs 115.90 billion. Total income followed a similar pattern, growing to Rs 266.33 billion from Rs 225.71 billion, reflecting an 18 percent increase. Net interest income rose to Rs 97.23 billion from Rs 77.63 billion in Q2 of FY24, a notable 25 percent jump. The company’s net profit increased to Rs 74.88 billion (11 per cent increase) from Rs 67.34 billion in the second quarter of the previous fiscal year.
Furthermore, total sanctions saw a 21 per cent increase to Rs 603.91 billion from Rs 499.29 billion. Similarly, disbursements experienced a surge, reaching Rs 909.55 billion, a 21 percent jump from Rs 757.31 billion in FY24.
REC’s market capitalisation experienced a significant 93 per cent increase, reaching Rs 11,460.11 billion from Rs 756.78 billion in the prior fiscal year. This surge indicates strong investor confidence in the company’s growth outlook. The company’s loan book i.e. Assets under Management increased by 15.2 per cent to Rs 5.46 trillion. The company’s net worth grew to Rs 728.93 billion as on September 30, 2024, as compared to Rs 631.17 billion as on Sept 30,2023 registering an increase of 15 per cent YoY.
In January 2024, REC Limited was appointed as the central agency for the Pradhan Mantri Suryodaya Yojana (PMSY) initiative aimed at deploying rooftop solar systems in the residential sector.
