REC Q3 Profit Jumps 23% to Rs 4,076 Cr - Business News
REC Ltd's consolidated net profit surged 23% to Rs 4,076.35 crore in Q3 FY24, driven by higher income. The company also announced a third interim dividend and a joint venture for renewable energy projects.
New Delhi, Feb 6 (PTI) State-owned REC Ltd on Thursday posted a 23 per cent rise in consolidated net profit to Rs 4,076.35 crore in the December quarter, aided by higher income.
It had posted a net profit of Rs 3,308.42 crore in the October-December period of 2023-24 financial year, the company said in an exchange filing.
The company's total income rose to Rs 14,286.91 crore in the reporting quarter from Rs 12,071.54 crore in the year-ago period.
Total expenses stood at Rs 9,105.94 crore in the latest December quarter as against Rs 7,899.85 crore a year earlier.
The board of the company also approved a third interim dividend of Rs 4.30 per share for the financial year 2024-25 and set February 14 as the record date for shareholders to become eligible for the payment.
It further approved formation of a joint venture between REC Power Development and Consultancy Limited (a wholly-owned subsidiary of REC) and Mahagenco Renewable Energy Limited in the shareholding ratio of 50:50 for the development of renewable energy and other power projects.
The proposal remains subject to requisite clearances/ concurrences/ approvals of statutory/administrative authorities, wherever required.
REC, under the Ministry of Power, is a non-banking finance company (NBFC), public financial institution (PFI) and infrastructure financing company (IFC).
It had posted a net profit of Rs 3,308.42 crore in the October-December period of 2023-24 financial year, the company said in an exchange filing.
The company's total income rose to Rs 14,286.91 crore in the reporting quarter from Rs 12,071.54 crore in the year-ago period.
Total expenses stood at Rs 9,105.94 crore in the latest December quarter as against Rs 7,899.85 crore a year earlier.
The board of the company also approved a third interim dividend of Rs 4.30 per share for the financial year 2024-25 and set February 14 as the record date for shareholders to become eligible for the payment.
It further approved formation of a joint venture between REC Power Development and Consultancy Limited (a wholly-owned subsidiary of REC) and Mahagenco Renewable Energy Limited in the shareholding ratio of 50:50 for the development of renewable energy and other power projects.
The proposal remains subject to requisite clearances/ concurrences/ approvals of statutory/administrative authorities, wherever required.
REC, under the Ministry of Power, is a non-banking finance company (NBFC), public financial institution (PFI) and infrastructure financing company (IFC).
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