Storage Technologies and Automation SME IPO subscribed 29.89 times on Day 2 led by Retail and NII

The SME Initial Public Offering of Storage Technologies and Automation Limited was subscribed 29.89 times on the second day of bidding led by Retail and NII.

The issue received bids of 8,21,98,400 shares against the offered 27,50,400 equity shares, at a price band of ₹76-78, according to the data available on the SME platform of BSE. 

Retail Portion was subscribed 48.05 times, Non-Institutional Investors Portion was subscribed 27.89 times, whereas Qualified Institutional Buyer Portion subscribed 0.12 times. The issue kicked off for subscription on Tuesday, April 30, 2024 and will close on Friday, May 03, 2024. 

OneView Corporate Advisors Private Limited is the sole book-running lead manager and Integrated Registry Management Services Private Limited is the registrar to the issue. The equity shares are proposed to be listed on SME Platform of BSE Limited. 

Company Information

Storage Technologies and Automation Limited was incorporated in the year 2010 by its promoter Mr. Mohammed Arif and Mr. Khasim Sait with experience of around, 13 years and 13 years in the storage racking system industry.

The company's commitment to delivering innovative and efficient solutions for diverse warehousing needs demonstrates their commitment in its wide range of products and services. These solutions cater to various industries such as oil & gas, automotive components & aerospace, food & beverages, cold storage, pharmaceuticals, textiles, retail, FMCG, and others, each with unique storage and logistical requirements.

The Bengaluru-based company operates with a customer-centric approach, driven by a focus on continuous innovation and operational efficiency. It offers a comprehensive range of display and storage racks designed for commercial and industrial purposes, utilizing high-quality raw materials to ensure durability and optimum strength in the finished products. These raw materials include different grades of mild steel (hot rolled coils, cold rolled coils, galvanized steel coils, PPGI coils, pipes, and structural sections), powder coatings for powder coating, epoxy, enamel paints, and plastic for packaging.

The company has a manufacturing unit that covers approximately 56,250 square feet in Singanayakanahalli, Yelahanka Hobli, Bangalore, along with a 56,250 square feet storage facility, supporting a streamlined manufacturing process. 

As of April 01, 2024, the total order book value of the Company is ₹ 21.36 Crore.

Storage Technologies and Automation Limited has turnaround from a loss of Rs 0.20 crore in the financial year 2022 to Rs 0.48 crore in the financial year FY23. Revenue during the year FY23 increased 16.39% to Rs 81.32 crore from Rs 69.87 crore in the previous year, primarily due to an increase in the business operations of the company and increase in number of customers.

For the seven months ended October 31, 2023, revenue from operations stood at Rs 52.92 crore, and profit after tax stood at Rs 3.59 crore.

The table below shows subscription data for all the categories of investors: 

STORAGE TECHNOLOGIES AND AUTOMATION LIMITED

Last updated on

02 May 2024 | 05:00:00 PM

Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category

1 Qualified Institutional Buyers (QIBs) 7,28,000 88,000 0.12

1(a) Foreign Institutional Investors (FIIs) - - -

1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - - -

1(c) Mutual Funds - - -

1(D) Others - 88,000 -

2 Non Institutional Investors 7,47,200 2,08,40,000 27.89

2(a) Corporates - 2,62,400 -

2(b) Individuals (Other than RIIs) - 1,82,25,600 -

2(c) Others - 23,52,000 -

3 Retail Individual Investors (RIIs) 12,75,200 6,12,70,400 48.05

3(a) Cut Off - 3,91,40,800 -

3(b) Price Bids - 2,21,29,600 -

4 Employee Reserved - - -

4(a) Employee (Cut off) - - -

4(b) Employee (Price) - - -

5 Reservation PortionShareholder - - -

5(a) RPS (Cut off) - - -

5(b) RPS (Price) - - -

Total 27,50,400 8,21,98,400 29.89

Vikram Solar Secures Strategic 250 MW Module Supply Deal with Gujarat Industries Power Company Limited

Kolkata, India 2nd May 2024: Vikram Solar, a prominent leader in the Indian solar module manufacturing sector, is excited to announce a significant achievement—a 250 MW order win from Gujarat Industries Power Company Limited (GIPCL). The company has successfully received the Letter of Intent (LoI), signalling a major advancement in enhancing India's solar energy capabilities and supporting the country's ambitious solar objectives.

The modules to be supplied under this agreement fall within the Approved List of Models and Manufacturers (ALMM), featuring high-efficiency panels.  This collaboration is set to catalyze the development of solar energy infrastructure in Gujarat.

Mr. Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, expressed his enthusiasm about the partnership, stating, “We are thrilled to secure this order, which reinforces the strong and enduring relationship between Vikram Solar and GIPCL. This new agreement underscores their confidence in our capabilities and commitment to excellence. Our focus remains on innovation, performance, and customer satisfaction. As India progresses towards its green energy objectives, we are optimistic about future prospects and are ready to play an integral role in transforming India's renewable energy landscape and enhancing its stature as a global leader in sustainable practices.”

Under the terms of the agreement, Vikram Solar will manufacture, test and deliver high-efficiency, bifacial solar PV modules employing cutting-edge technology with the range of minimum module capacity of 540Wp and maximum module capacity of 570Wp. These modules will be deployed at the MW RE Park in Village Khavda, in the vast expanses of the Great Rann of Kutch, Gujarat.

About Vikram Solar:

Vikram Solar Limited is one of the leading solar energy solutions provider, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 32 countries, portfolio of 1.42 GW EPC projects (commissioned + under execution) and 1,899 employees. Headquartered in Kolkata, West Bengal, it is one of the largest PV module manufacturer in India with cumulative production capacity of 3.5 GW. Vikram Solar is a ‘Top Performer’ in PVEL’s PV module reliability scorecard and has been included in the Tier 1 solar PV modules manufacturer list of BloombergNEF. Vikram Solar deploys technology to design, install and commission solar projects. The company has a distribution network connecting more than 40 cities, ensuring the availability of solar products and solutions across 600+ locations in India. Website: www.vikramsolar.com 

 

MARRIOTT BONVOY UNVEILS EXCLUSIVE 'RESORT ESCAPES' OFFER Book Your Holiday Travel Plans At Unbeatable Value!

(Bookable from April – September 2024:   45 participating hotels, over 20 Destinations across South Asia) 

India, 30th April 2024: Marriott Bonvoy, the award-winning loyalty program by Marriott International is excited to announce the ‘Resort Escapes’ promotion offering travellers rewarding benefits ahead of the holiday season. Whether you're seeking the serene embrace of a mountain retreat or the captivating allure of a beachside escape, our selection of 45 hotels spans over 20 breathtaking destinations throughout South Asia, offering travellers the best deals and a host of unforgettable experiences. 

With Marriott International’s diverse portfolio nestled amidst nature's most captivating landscapes, the offer aims to invite travellers to embark on a journey of discovery and relaxation with the best limited time deals. 

Encompassing over 20 captivating locations, from Dehradun to Goa and Jaisalmer to Shillong, each destination promises unparalleled experiences and deep rejuvenation. Through this campaign, Marriott Bonvoy is poised to offer compelling deals that cater to various categories and needs of travellers be it- a solo lover of wanderlust to families and friends catching up on the good times, or couples in search of a romantic getaway. 

The package entails:

• Daily hotel credit up to INR 2,000 per stay at select Marriott properties.

• Daily buffet breakfast 

• A bucket of beer or a bottle of wine 

• 20% discount on spa treatments 

• Curated experiences at the hotel/ resort 

• 50% savings for kids under 12 years of age 

• *Earn 1000 bonus points per stay for Marriott Bonvoy® HDFC Bank credit card holders

Embark on a journey to a picturesque paradise at Courtyard by Marriott Mahabaleshwar, nestled atop the Sahyadri mountain range of Maharashtra. Offering an unparalleled escape for those craving luxury and serenity, our resort boasts breathtaking views of lush green valleys and mist-covered hills from its exquisitely appointed rooms, suites, and private pool villas. Whether you're indulging in holistic spa treatments, venturing out to explore the surrounding beauty through trekking, strawberry picking, and nature walks, or looking for a special picnic in the nature, Courtyard Mahabaleshwar is dedicated to crafting unforgettable experiences, where each moment is carefully curated just for you.

The resort campaign is catering to families and couples who are increasingly seeking properties that offer a multitude of amenities within their premises. With the changing seasons, these demographics are naturally inclined towards resort destinations. Whether it's the summer break or school vacations, resorts provide an ideal escape for families, while couples seek out destinations year-round. 

The offer will be live and bookable on:  https://www.marriott.com/offers/resort-escapes-with-marriott-bonvoy-off-114369

About Marriott Bonvoy® 

Marriott Bonvoy’s extraordinary portfolio offers renowned hospitality in the most memorable destinations in the world, with 31 brands that are tailored to every type of journey. From The Ritz-Carlton and St. Regis to W Hotels and more, Marriott Bonvoy has more luxury offerings than any other travel program. Members can earn points for stays at hotels and resorts, including all-inclusive resorts and premium home rentals, and through everyday purchases with co-branded credit cards. Members can redeem their points for experiences including future stays, Marriott Bonvoy Moments™, or through partners for luxurious products from Marriott Bonvoy Boutiques®. To enroll for free or for more information about Marriott Bonvoy, visit marriottbonvoy.com. 

Lilavati Kirtilal Mehta Medical Trust Board Has Exposed A Major Financial Fraud Amounting Around Rs. 500 Crores, Making It Serious Medical Scam

Forensic Audit found that a charity’s funds were misused by illegal erstwhile trustees 

Mumbai, 30th April 2024:   Mr. Prashant Mehta, Permanent Trustee at Lilavati Hospital & Research Centre, Bandra Mumbai has exposed the financial misconduct revealed in the ongoing investigation into financial irregularities within the institution. This significant development highlights his dedication to transparency and accountability in handling the results of forensic audits that unearthed a major financial fraud amounting to Rs. 500 crores by erstwhile trustees’ board, making it the serious medical scam. Present during the press conference were Mr. Prashant Mehta- Permanent Trustee, Mr. Saurav Sharma- Trustee, Mr. Mohit Mathur and Adv. Mohammed Asim Shaikh. 

Following the order dated December 14, 2023, the Founder Permanent Trustees Mr. Kishor Mehta and Mrs. Charu Mehta have officially appointed Mr. Prashant Mehta, Mr. Rajiv Mehta, Mr. Rajesh Mehta, Mr. Sanjay Shroff, Mr. Kiran Shah, Mr. Saurav Sharma, Mr. Palve and Mr. Mohit Mathur as the Permanent /Termed Trustees in accordance with clause 17 of the Trust Deed. It is important to mention that even the Constitutional Courts have refrained from interfering in these appointments and the operations of this Board since the order issued by the Ld. Asst Charity Commissioner on December 14, 2023.This Board currently holds legitimate authority over the Trust/Hospital operations.

In accordance with the Supreme Court's Order dated September 18, 2023, the newly appointed Board has conducted an extensive audit of legal and consultant fees. The audit revealed that a significant amount of money, exceeding Rs. 100 crores, has been extravagantly spent on lawyers, advocates, and consultants up to the new board took over.

During the press conference at lilavati Hospital, Mr. Prashant Mehta said that a Forensic Audit found that around Rs. 200 crores from a charity's funds were misused by the previous board. They used the money to pay lawyers and consultants for personal legal issues, which is not allowed. The Former Vice President, Mr. Ajay Pande, and their Principal advisor, Mr. Laxmi Narayanan, admitted to diverting funds for legal fees and showed proof to the Charity Commissioner. A large amount was paid to Mrs. Sushila Mehta's lawyer, Mr. Amol Inamdar. During the Covid-19 Pandemic, about 10.75 Crore Rupees were spent on legal expenses even though courts were mostly closed.

“The former unauthorized board illicitly made false contributions to the newly established Madhulaxmi Trust, which had been in existence for less than a year when the donation was made. An exorbitant amount exceeding Rs.6 crores was transferred to the Trust by the illegal board. This indicates that the previous unlawful trustees not only engaged in illicit financial activities but also personally benefited from them. The donation was specifically instigated by Mr. Vijay Mehta, Mr. Niket Mehta, and Mrs. Sushila Mehta.” Add Mr. Prashant Mehta.

Prashant Mehta said that Trust funds were wrongly used by Mr. Vijay Mehta and Mr. Niket Mehta, who channelled the money to fake companies, M s. Vesta and M s. Mayfair Realtors Pvt. Ltd., under the guise of purchasing medical equipment. However, these companies were actually engaged in real estate activities unrelated to healthcare. Despite an advance of over Rs.15 crores, no medical equipment was ever received by the Trust Hospital as intended. The scheme, masterminded by Mr. Niket Mehta and his father, Mr. Vijay Mehta, aimed to siphon Trust funds for their personal benefit.

“In response to a complaint filed by Mr. Kishor Mehta and Mrs. Charu Mehta regarding this transaction, Mr. Niket Mehta falsely claimed that properties in Mahim and Lonavala had been recovered as compensation for the misused funds. However, it was later discovered that Mr. Niket Mehta had unilaterally sold these properties for his own profit, further perpetuating his fraudulent activities.” Said Prashant Mehta.

“The previous unauthorized board has engaged in numerous fraudulent activities that have been flagged by the income tax authorities. Expenses exceeding Rs.300 crores have been disallowed, leading to a substantial liability for the Trust. Importantly, Mr. Kishor Mehta and Mrs. Charu Mehta were kept unaware of these liabilities to prevent any potential complaints from them being raised” Adds Prashant Mehta.

“Furthermore, the illicit trustees have committed theft by breaking into a safe at a Trust Property in Palanpur, Gujarat, and stealing trust assets intended for the construction of an additional hospital. A criminal complaint for this theft has been filed in Gujarat Courts and is currently awaiting resolution. The former board members have defrauded the trust hospital through various transactions, resulting in a significant loss exceeding Rs.500 crores. This incident is considered one of the serious medical scams ” Said Prashant Mehta.

Prashant Mehta emphasized the importance of taking proactive steps to protect Lilavati Hospital's reputation and maintain its dedication to delivering top-notch healthcare services. To achieve this, we are launching various charitable initiatives such as Sewa Camp, Roshni Camp, and Free Medical Check-up Camps. These programs were originally established by the Trust's Founder Trustees to support the less fortunate members of society.

Storage Technologies and Automation SME IPO subscribed 2.76 times on Day 1

  The SME Initial Public Offering of Storage Technologies and Automation Limited was subscribed 2.76 times on the first day of bidding.

The issue received bids of 75,88,800 shares against the offered 27,50,400 equity shares, at a price band of ₹76-78, according to the data available on the SME platform of BSE. 

Retail Portion was subscribed 4.99 times, Non-Institutional Investors Portion was subscribed 1.63 times, whereas Qualified Institutional Buyer Portion subscribed 0.02 times. The issue kicked off for subscription on Tuesday, April 30, 2024 and will close on Friday, May 03, 2024. 

OneView Corporate Advisors Private Limited is the sole book-running lead manager and Integrated Registry Management Services Private Limited is the registrar to the issue. The equity shares are proposed to be listed on SME Platform of BSE Limited. 

Company Information

Storage Technologies and Automation Limited was incorporated in the year 2010 by its promoter Mr. Mohammed Arif and Mr. Khasim Sait with experience of around, 13 years and 13 years in the storage racking system industry.

The company's commitment to delivering innovative and efficient solutions for diverse warehousing needs demonstrates their commitment in its wide range of products and services. These solutions cater to various industries such as oil & gas, automotive components & aerospace, food & beverages, cold storage, pharmaceuticals, textiles, retail, FMCG, and others, each with unique storage and logistical requirements.

The Bengaluru-based company operates with a customer-centric approach, driven by a focus on continuous innovation and operational efficiency. It offers a comprehensive range of display and storage racks designed for commercial and industrial purposes, utilizing high-quality raw materials to ensure durability and optimum strength in the finished products. These raw materials include different grades of mild steel (hot rolled coils, cold rolled coils, galvanized steel coils, PPGI coils, pipes, and structural sections), powder coatings for powder coating, epoxy, enamel paints, and plastic for packaging.

The company has a manufacturing unit that covers approximately 56,250 square feet in Singanayakanahalli, Yelahanka Hobli, Bangalore, along with a 56,250 square feet storage facility, supporting a streamlined manufacturing process. 

As of April 01, 2024, the total order book value of the Company is ₹ 21.36 Crore.

Storage Technologies and Automation Limited has turnaround from a loss of Rs 0.20 crore in the financial year 2022 to Rs 0.48 crore in the financial year FY23. Revenue during the year FY23 increased 16.39% to Rs 81.32 crore from Rs 69.87 crore in the previous year, primarily due to an increase in the business operations of the company and increase in number of customers.

For the seven months ended October 31, 2023, revenue from operations stood at Rs 52.92 crore, and profit after tax stood at Rs 3.59 crore.

The table below shows subscription data for all the categories of investors: 

STORAGE TECHNOLOGIES AND AUTOMATION LIMITED

Last updated on

30 Apr 2024 | 05:00:00 PM

Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category

1 Qualified Institutional Buyers (QIBs) 7,28,000 12,800 0.02

1(a) Foreign Institutional Investors (FIIs) - - -

1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - - -

1(c) Mutual Funds - - -

1(D) Others - 12,800 -

2 Non Institutional Investors 7,47,200 12,16,000 1.63

2(a) Corporates - - -

2(b) Individuals (Other than RIIs) - 10,46,400 -

2(c) Others - 1,69,600 -

3 Retail Individual Investors (RIIs) 12,75,200 63,60,000 4.99

3(a) Cut Off - 39,56,800 -

3(b) Price Bids - 24,03,200 -

4 Employee Reserved - - -

4(a) Employee (Cut off) - - -

4(b) Employee (Price) - - -

5 Reservation PortionShareholder - - -

5(a) RPS (Cut off) - - -

5(b) RPS (Price) - - -

Total 27,50,400 75,88,800 2.76

Shares of Heating Equipment Maker JNK India makes a heating debut on the exchange; lists at 50% premium

 

Shares of Heating Equipment Maker JNK India Limited made a heating debut on the exchange at a premium of 50%, higher than the IPO’s issue price of Rs 415. 

The scrip listed Rs 620 per share on BSE and Rs 621 per share on NSE, at a premium of 49.40% and 49.64% respectively. The company's share price closed at Rs 693.95 per share on the BSE, a 67.22% premium, and at Rs 692 per share on the NSE, a 66.75% premium.

As per NSE, the total quantity traded stood at 216.25 lakh shares, on BSE the total Quantity stood at 14.37 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1545.66 crore. 

Mr. Arvind Kamath, Chairperson – JNK India Limited, said "We extend our heartfelt gratitude to all our esteemed investors for their unwavering support and confidence as we embark on this exciting journey of listing our units on the exchange. Your commitment fuels our drive towards greater success, and we look forward to delivering exceptional value as we grow together. Thank you for being a vital part of our journey."

The Market Capitalization of the Company at today’s closing price stood at Rs. 3,859.81 Crore as per BSE and Rs. 3848.97 Crore as per NSE.

The Initial Public Offering of JNK India Limited was subscribed 28.13 times. Qualified Institutional Buyer Portion was subscribed 75.72 times, Non-Institutional Investors Portion was subscribed 23.26 times, whereas Retail Portion was subscribed 4.11 times.

JNK India Limited is in the business of manufacturing process-fired heaters, reformers, and cracking furnaces (together, the “Heating Equipment”) that are required in process industries such as oil and gas refineries, petrochemicals, and fertilizer industries.

The Company has capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets. (Source: F&S Report). Over the years the Company has diversified into flares and incinerator systems and has been developing capabilities in the renewable sector with green hydrogen. The Heating Equipment is required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants, etc.

As of December 31, 2023, it has served 21 customers within India and 8 customers overseas. In India, it has completed projects in, amongst others, Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal, and globally have completed projects in Nigeria and Mexico. Further, it has ongoing projects in Gujarat, Odisha, Haryana, and Rajasthan in India and globally in Oman, Algeria, and Lithuania. Further, it has completed projects in far-reaching locations which included projects in India at Numaligarh, Assam; Kochi, Kerala; Barauni, Bihar; and overseas at Lagos, Nigeria.

Some of the domestic customers include Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery Limited. 

REC DECLARES FINANCIAL RESULTS FOR Q4 & 12M FY24

HIGHEST EVER ANNUAL NET PROFIT AT ₹ 14,019 CRORES

DECLARES FINAL DIVIDEND OF ₹ 5 PER SHARE 

 

Mumbai, 30th April 2024: The Board of Directors of REC Limited, today approved the audited standalone and consolidated financial results for the quarter & year ended 31st March 2024. 

 

Operational and Financial Highlights: Q4 FY24 vs Q4 FY23 (Standalone)

 Revenue from operations: ₹ 12,613 crore vs. ₹ 10,113 crores, up 25%

 Total income: ₹ 12,643 crore vs. ₹ 10,124 crores, up 25%

 Net interest income: ₹ 4,407 crore vs. ₹ 3,409 crore, up 29%

 Net Profit: ₹ 4,016 crore vs. ₹ 3,001 crore, up 34%

 Total Comprehensive Income: ₹ 5,183 crore vs. ₹ 3,645 crore, up 42%

 Yield: 10.03% vs. 9.65%, up 38 bps

 Average cost of funds: 7.14% vs. 7.17%, reduction by 3 bps

 Spread: 2.89% vs. 2.48%, up 41 bps

 Net interest margin: 3.60% vs. 3.29%, up 31 bps

 Return on net worth: 24.06% vs. 21.34%, up 13%

 

Operational and Financial Highlights: 12M FY24 vs 12M FY23 (Standalone)

 Total sanctions: ₹ 3,58,816 crore vs. ₹ 2,68,461 crore, up 34%, of which sanctions to renewable sector: ₹ 1,36,516 crore vs. ₹ 21,554 crore, up 533%

Renewable sanctions comprise of:

 Solar: ₹ 20,956 crore vs. ₹ 9,301 crore

 Module manufacturing: ₹ 21,565 crore vs. ₹ Nil crore

 Large Hydro: ₹ 32,450 crore vs. ₹ 682 crore

 Pumped Storage: ₹ 28,304 crore vs. ₹ 6,075 crore

 Green Hydrogen: ₹ 7,997 crore vs. Nil

 E-Mobility: ₹ 7,214 crore vs. ₹ 2,429 crore

 Wind turbine manufacturing: ₹ 3,195 crore vs. Nil

 Wind: ₹ 3,453 crore vs. ₹ 2,436 crore

 Hybrid: ₹ 10,098 crore vs. ₹ 220 crore

 Others: ₹ 1,284 crore vs. ₹ 411 crore

 Disbursements: ₹ 1,61,462 crore vs. ₹ 96,846 crore, up 67%

 Revenue from operations: ₹ 47,146 crore vs. ₹ 39,208 crores, up 20%

 Total income: ₹ 47,214 crore vs. ₹ 39,253 crores, up 20%

 Net interest income: ₹ 16,167 crore vs. ₹ 13,714 crore, up 18%

 Net Profit: ₹ 14,019 crore vs. ₹ 11,055 crore, up 27%

 Total Comprehensive Income: ₹ 15,063 crore vs. ₹ 10,084 crore, up 49%

 Yield: 9.99% vs. 9.73%, up 26 bps

 Average cost of funds: 7.13% vs. 7.28%, reduction by 15 bps

 Spread: 2.86% vs. 2.45%, up 41 bps

 Net interest margin: 3.57% vs. 3.38%, up 19 bps

 Return on net worth: 22.17% vs. 20.35%, up 9%

 Market capitalization: ₹ 1,18,757 crore vs. ₹ 30,400, up 290% 

Owing to the improving asset quality and effective resolution of stressed assets, resetting of the lending rates and effective management of Finance Cost, REC is able to record its the highest ever annual profit after tax of ₹ 14,019 crore. As a result, the Earnings Per Share (EPS) for the year ended 31st March 2024 accelerated by 27% to ₹ 53.11 per share as against ₹ 41.85 per share as at 31st March 2023. 

 

Aided by growth in profits, the Net Worth has grown to ₹ 68,783 crores as on 31st March 2024, registering an increase of 19% YoY.

 

The loan book has maintained its growth trajectory and has increased by 17% to ₹ 5.09 lakh crore as against ₹ 4.35 lakh crores as at 31st March 2023. Signifying improving asset quality, the net credit-impaired assets as at 31st March 2024 have reduced to 0.86% from 1.01% as at 31st March 2023 with Provision Coverage Ratio of 68.45% on NPA assets, as at 31st March 2024.

 

Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 25.82% as at 31st March 2024.

 

Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the final dividend of ₹ 5 per equity share (on face value of ₹ 10/- each) and the total dividend for FY 2023-24 is ₹ 16 per equity share.

About REC Limited - 

REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country.

REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at ₹ 5.09 lakh crore and Net Worth at Rs. ₹ 68,783 crorescrores as on 31 March, 2024.