REC Q1FY25 Results: PAT grows 16.57% to Rs 3,460.19 cr on strong revenues

The board of directors also approved an interim dividend of Rs 3.50 per equity share of Rs 10 each for the financial year 2024-25 | Photo: Shutterstock

2 minutes of reading Last updated: July 27, 2024 | 16:19 IST

State-owned REC on Saturday reported a 16.57 per cent rise in consolidated net profit to 3,460.19 billion rupees for the quarter ended June, mainly on higher revenue.

During the same period last year, the company’s net profit stood at Rs 2,968.05 billion, the company said in stock exchange filings.

Total income rose to Rs 13,092.44 cr from Rs 11,108.16 cr in the same period a year ago. Expenditure stood at Rs 8,743.22 cr as against Rs 7,386.99 cr a year ago.

The Board of Directors also approved the payment of interim dividend of Rs 3.50 per ordinary share of Rs 10 each for the financial year 2024-25.

“The Board also took note of the deletion of the name of Khavda II-D Transmission, a wholly owned subsidiary of REC Power Development & Consultancy Limited (“RECPDCL”), a wholly owned subsidiary of REC, from the Register of Companies,” the document reads.

The company has been dissolved and has ceased to be a subsidiary of RECPDCL & REC within the meaning of the provisions of the Companies Act, 2013, the release said.

REC, which falls under the Ministry of Energy, provides long-term loans and financing to state, central and private enterprises to create infrastructure assets in the country.

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First published: July 27, 2024 | 16:19 IST