REC Limited posts 17% revenue growth, Rs 74.88 billion net profit in Q2 FY25
Author: PPD Team Date: 28/10/2024
REC Limited has reported strong financial results for Q2 FY25, with a 17% rise in revenue from operations, reaching Rs 135.71 billion, compared to Rs 115.90 billion in the same quarter last year. Total income increased by 18% to Rs 266.33 billion, while net interest income saw a notable 25% jump, reaching Rs 97.23 billion.
Net profit rose by 11% to Rs 74.88 billion from Rs 67.34 billion in Q2 FY24. Total sanctions increased by 21% to Rs 603.91 billion, and disbursements also surged by 21%, reaching Rs 909.55 billion.
REC’s market capitalisation saw a 93% rise, climbing to Rs 11,460.11 billion, showcasing strong investor confidence. Its loan book, or Assets under Management (AUM), grew 15.2% to Rs 5.46 trillion, and net worth increased by 15% to Rs 728.93 billion as of September 30, 2024.
In early 2024, REC Limited was appointed as the central agency for the Pradhan Mantri Suryodaya Yojana (PMSY), which aims to deploy residential rooftop solar systems.