Tuesday, May 17, 2022

Q3 FY22: REC registers 23% growth in profit, declares 3rd interim dividend

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  • For the April-December period of FY22, the company has recorded a 23.2 percent increase in net profit at Rs 7,758.01 crore y-o-y
  • On consolidated basis, REC has posted a net profit of Rs 2,773.44 crore in Q3 of FY22, a growth of 23 percent y-o-y

New Delhi: State-run REC Limited has recorded a healthy 23 percent growth in net profit in Q3 of FY22 at Rs 2,772.65 crore, up from Rs 2,262.93 crore recorded in the corresponding quarter of the previous fiscal, and has declared a third interim dividend of Rs 6 per share, the PSU said on Friday. On quarter-on-quarter basis, the growth in net profit is 1.2 percent. For the April-December period of FY22, the company has recorded a 23.2 percent increase in net profit at Rs 7,758.01 crore as opposed to Rs 6,292.15 crore recorded in the corresponding period of FY21. The company is the nodal agency for the implementation of the government’s Revamped Distribution Sector Scheme (RDSS).

“Declaration of 3rd interim dividend @ Rs 6/- (Rupees Six only) per equity share of Rs 10/­ each for the financial year 2021-22. Further, the record date for the said interim dividend is Wednesday, February 16, 2022 and the said interim dividend shall be paid/dispatched on Thursday, March 3, 2022… ,” the company told the bourses on Friday.

Q3 FY22: Consolidated net profit rises 23%

On consolidated basis, REC has posted a net profit of Rs 2,773.44 crore in Q3 of FY22, up by 23 percent in comparison to Rs 2,257.96 crore recorded in the corresponding quarter of the previous financial year. For the April-December period, the company has again registered a growth of 23 percent in net profit at Rs 7,731.37 crore year-on-year. REC had posted a net profit of Rs 6,300.40 crore in the corresponding period of the previous financial year.

REC's revenue from operations up 11%

The standalone revenue from operations for the December quarter of FY22 stands at Rs 10,006.89 crore, which is 11 percent higher than Rs 9,042.13 crore recorded in the corresponding quarter of the previous financial year. For the April-December period of FY22, standalone revenue from operations stands at Rs 29,552.39 crore, up from Rs 26,242.28 crore recorded in the corresponding period of the previous fiscal, marking a growth of 13 percent.

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