State-Owned REC Posts Impressive 16.57% Rise in Net Profit for June Quarter

State-owned REC reported a 16.57% increase in consolidated net profit for the June quarter, reaching Rs 3,460.19 crore, primarily due to higher revenues. The board approved an interim dividend and dissolved a subsidiary. REC focuses on providing long-term loans and financing for infrastructure projects.

State-owned REC on Saturday announced a 16.57 percent increase in its consolidated net profit, reaching Rs 3,460.19 crore for the June quarter, driven primarily by higher revenues.

In comparison, the company's net profit for the same period last year stood at Rs 2,968.05 crore, according to a filing with the exchange.

Total income grew to Rs 13,092.44 crore from the previous year's Rs 11,108.16 crore, while expenses rose to Rs 8,743.22 crore from Rs 7,386.99 crore.

The board of directors approved an interim dividend of Rs 3.50 per equity share of Rs 10 each for the fiscal year 2024-25.

The filing also noted that the name of Khavda II-D Transmission, a wholly-owned subsidiary of REC Power Development & Consultancy Limited (RECPDCL), has been struck off from the Registrar of Companies. This subsidiary is now dissolved and no longer part of RECPDCL & REC, as per the Companies Act, 2013.

Under the Ministry of Power, REC is committed to providing long-term loans and financing to state, central, and private entities for developing infrastructure assets across the country.

(With inputs from agencies.)