REC net up 39% to `3,790 cr in Jul-Sept qtr

New Delhi: State-owned REC Ltd on Wednesday posted a nearly 39 per cent rise in its consolidated net profit to Rs 3,789.90 crore in the September quarter compared to the year-ago period mainly on the back of higher revenues.

Consolidated net profit stood at Rs 2,732.12 crore in the quarter ended on September 30, 2022, a BSE filing showed. Total income rose to Rs 11,701.26 crore in the quarter from Rs 9,964.00 crore in the same period a year ago. The board also approved the second interim dividend of Rs 3.50 per equity share of Rs 10 each for 2023-24. The record date for the interim dividend is Monday, November 13, 2023. The interim dividend shall be paid on or before November 30, 2023. The total interim dividend for the 2023-24 is Rs 6.50 per equity share (on face value of Rs 10 each). In a separate statement, the company stated, “Owing to the improving asset quality, increase in lending rates and effective management of finance cost, the REC is able to record its highest ever (standalone) quarterly profit of Rs 3,773 crore.