official The net profit of REC Ltd, a non-banking financial company of the region, increased by 33 percent to Rs 4,079.09 crore in the quarter ending March 2024. The impact of the excellent results presented by the company was visible on the stock. The share closed at Rs 509 with a bumper jump of 9.94%. Let us tell you that in the last one year REC has given an excellent return of 273.03% to its investors. The share price was Rs 136.45 on May 2, 2023, which increased to Rs 509 on April 30, 2024. Stock market experts are predicting a big rise in this stock.
Company is making bumper earnings
Let us tell you that the company’s profit has increased mainly due to increase in income. REC, which comes under the Ministry of Power, said in a filing to the stock exchange on Tuesday that it had made a net profit of Rs 3,065.37 crore in the January-March quarter of 2022-23 a year ago. The total income of the company stood at Rs 12,706.66 crore in the fourth quarter of 2023-24, which was Rs 10,254.63 crore in the same quarter a year ago. The company’s net profit for the entire financial year 2023-24 stood at Rs 14,145.46 crore, which was Rs 11,166.98 crore a year ago. During this period, income increased to Rs 47,571.23 crore which was Rs 39,520.16 crore a year ago in 2022-23.
Record loan of Rs 3.59 lakh crore approved
REC LTD. Approved a record loan of Rs 3.59 lakh crore during the last financial year 2023-24. This is 33.66 percent more on annual basis. The company had approved a loan of Rs 2.68 lakh crore in 2022-23. Out of the total loan of Rs 3.59 lakh crore, Rs 1.36 lakh crore was approved for the renewable energy sector. This is more than the loan of Rs 21,371 crore sanctioned for green projects in the previous year. ,
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