New Delhi, Feb 6 (NationPress) The government-owned Maharatna enterprise REC reported a significant 23 percent increase in net profit, reaching Rs 4,029 crore for the October-December quarter of this fiscal year. This marks a rise from Rs 3,269 crore reported for the same quarter in 2023-24.

The company's net interest income experienced a 19 percent surge to Rs 4,930 crore during the third quarter, up from Rs 4,153 crore during the same period last year.

The Board of Directors has announced the 3rd interim dividend of Rs 4.30 per equity share (with a face value of Rs 10 each), as stated by REC.

REC's asset quality showed improvement, with net credit-impaired assets falling to 0.74 percent from 0.82 percent in the previous quarter.

Revenue from operations also jumped by 18 percent to Rs 14,157 crore, compared to Rs 11,982 crore in the same period last year.

During the quarter, REC disbursed loans amounting to Rs 54,692 crore, up from Rs 46,358 crore a year earlier, representing an 18 percent increase.

The company's market capitalization rose significantly by 21 percent, reaching Rs 1,31,844 crore, compared to Rs 1,08,712 crore a year ago.

Thanks to growth across all sectors, resetting of interest rates on loan assets, and efficient finance cost management, REC has maintained its spreads and NIMs, leading to a strong profit after tax of Rs 11,477 crore for the period ending December 31, 2024.

This growth pushed the Earnings Per Share (EPS) for the period ending December 31, 2024 to Rs 58.11 (annualized), up from Rs 50.65 as of December 31, 2023, as per the company statement.

The loan book or Asset Under Management (AUM) continues on its growth path, increasing to Rs 5.65 lakh crore from Rs 4.97 lakh crore as of December 31, 2023.

Supported by profit growth, the net worth has risen to Rs 76,502 crore as of December 31, 2024, compared to Rs 64,787 crore as of December 31, 2023, marking an 18 percent year-on-year increase, as stated by REC.