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					</table><p>Public infrastructure finance company <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC Limited</a> recorded a revenue of ₹120 billion (~$1.44 billion) for the third quarter (Q3) of the financial year (FY) 2023-24, a 23.56% year-over-year (YoY) increase from ₹97.12 billion (~$1.17 billion).</p>
<p>The company attributed the performance during the quarter to improved asset quality, increased lending rates, and effective management of financing costs.</p>
<p>REC’s net profit surged by 14% YoY to ₹32.69 billion (~$393.17 million) from ₹28.78 billion (~$346.14 million).</p>
<p>The company approved the highest-ever quarterly loans worth ₹1.32 trillion (~$15.88 billion), a 177% jump from ₹477.12 billion (~$5.74 billion). The renewable energy sector constituted 57% of the total loan approvals during the period.</p>
<p>It disbursed ₹463.58 billion (~$5.58 billion), the highest ever quarterly disbursement during Q3 FY24, a 56% YoY increase. REC earned an interest income from loan assets of ₹118.12 billion (~$1.42 billion), up by 22%.</p>
<p>The company’s net worth as of December 2023 was ₹647.87 billion (~$7.79 billion), an 18% YoY improvement.</p>
<p>In a recent interview with Mercom India, V K Singh, Director (Projects) at REC Limited, <a href="https://www.mercomindia.com/rec-increase-renewable-loan-portfolio-fy30-interview" target="_blank" rel="noopener">spoke</a> about the company’s plans to increase its renewable energy loan portfolio from 6% to 30% by FY30.</p>
<p><strong>9M FY24</strong></p>
<p>REC Limited recorded its highest-ever first nine months (9M) profit of ₹100.3 billion (~$1.21 billion), a 24% YoY increase from ₹80.54 billion (~$968.77 million).</p>
<p>The company’s total income rose 19% YoY to ₹345.71 billion (~$4.16 billion) from ₹291.29 billion (~$3.5 billion).</p>
<p>The loan book for the period reached ₹4.97 trillion (~$59.77 billion), up 21% YoY from ₹4.11 trillion (~$49.43 billion).</p>
<p>Loans worth ₹3.26 trillion (~$39.21 billion) were approved during 9M FY24, up 69% YoY from ₹1.93 trillion (~$23.21 billion)</p>
<p>The renewable energy sector constituted 39% of the total loan approvals during the period.</p>
<p>The disbursements were up by 104% to ₹1.22 trillion (~$14.67 billion) from ₹599.07 billion (~$7.21 billion) in 9M FY23.</p>
<p>The company’s income from interest on loan assets was up 18% YoY to ₹334.9 billion (~$4.03 billion) from ₹284.56 billion (~$3.42 billion).</p>
<p>The company’s assets quality witnessed an improvement, with the net credit-impaired assets at 0.82% for 9M FY24, a YoY improvement from 1.12%.</p>
<p>In December 2023, REC <a href="https://www.mercomindia.com/rec-215-million-loan-kfw-reform-indian-discoms" target="_blank" rel="noopener">signed</a> a €200 million (~$217.23 million) loan agreement with German bank KfW, committing to utilize the funds to undertake reforms in India’s distribution sector.</p>
<p>The company’s board of directors during the same month also <a href="https://www.mercomindia.com/rec-equity-investment-hpx" target="_blank" rel="noopener">approved</a> an equity investment of ₹142.5 million (~$1.7 million) in Hindustan Power Exchange (HPX). The investment constitutes 19% of the proposed equity share capital of ₹750 million (~$9.02 million) of HPX.</p>
<p>Recently, the company <a href="https://www.mercomindia.com/rec-raises-denominated-green-bonds" target="_blank" rel="noopener">issued</a> its inaugural yen-denominated green bonds of ¥61.1 billion (~$412.85 million) to finance eligible renewable energy projects under its green finance framework and the guidelines of the Reserve Bank of India.</p>
<p>REC Limited was <a href="https://www.mercomindia.com/rec-limited-lead-national-rooftop-solar-program" target="_blank" rel="noopener">designated</a> as the overall implementing agency for the Grid-Connected Rooftop Solar Program, which aims to achieve 40 GW of rooftop solar capacity by March 2026.</p>


REC Limited Records Highest-Ever 9M Profit of ₹100 Billion in FY24

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