REC Limited, a government-owned infrastructure finance company, posted a net profit of ₹30 billion (~$363.6 million) in the fourth quarter (Q4) of the financial year (FY) 2022-23, up 31% year-over-year (YoY).

This positive performance is attributable to the company’s efforts in enhancing asset quality and resolving stressed assets. The company said its net credit-impaired assets declined to 1.01% compared to 1.45% YoY.

REC reported no new non-performing assets for the FY 2022-23

In the same period, the company’s total income reached ₹102.6 billion (~$1.2 billion), up 6% YoY.

REC provides financial assistance to state power generators, state governments, state-owned and private power distribution companies, independent power producers, rural electric co-operatives, and private power generators.

REC recorded a net profit of ₹110.55 billion (~$1.3 billion) for FY 2022-23, up 10% YoY growth.

In the same period, the company’s total income reached ₹392.53 billion (~$4.7 billion), showing a marginal increase compared to the previous year’s income of ₹392.30 billion (~$4.7 billion).

Maintaining its growth trajectory, REC’s loan book expanded by 13% to reach ₹4.4 trillion (~$52.7 billion) YoY. The company disbursed loans of ₹9.68 trillion (~$117.3 billion) in FY2022-23, a significant increase of 51% YoY.

Source: REC

REC listed its recently issued green bonds, which raised $750 million under its global medium-term $7 billion program, at the GIFT International Financial Services Centre Stock Exchanges in Gandhinagar. The issue was oversubscribed 3.5 times and saw active participation from 161 investors from across the globe, with Asia Pacific contributing 42%, Europe, Middle East & Africa 26%, and the US 32%.

REC inked a memorandum of understanding with Rewa Ultra Mega Solar to commit to funding ₹10 billion (~$122.6 million) for developing renewable energy parks and projects and the associated infrastructure, including power evacuation in Madhya Pradesh.