New Delhi: State-owned REC Limited on Thursday posted a 23 percent 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).
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)