Government of India Maharatna company Rural Electrification Corporation Limited (REC) has announced to give dividend to its shareholders for the second time this year. As per the information provided by the company, the Board of Directors of the company has declared a second interim dividend of ₹4.00 per equity share (at face value of ₹10/- each). The company has set the record date to avail the dividend on November 8, 2024. The interim dividend will be paid on or before November 22, 2024.
Company’s profits surge
REC Ltd’s consolidated net profit rose seven per cent to Rs 4,037.72 crore for the July-September quarter of the current financial year. The company’s net profit in the same quarter of the last financial year was Rs 3,789.90 crore. REC Limited said in its information given to the stock market on Saturday that its total income has increased to Rs 13,706.31 crore, which was Rs 11,684.89 crore in the same quarter of the last financial year. The company’s board of directors has also approved a second interim dividend of Rs 4 per equity share of Rs 10 each for 2024-25. The record date for the interim dividend is November 8. In another statement, the company said, “Due to growth across all segments, refocusing of interest rates on loan assets and effective management of finance costs, REC has been able to maintain its NIM (net interest margin), which is As a result, net profit for the first half stood at Rs 7,448 crore”.
Good increase in revenue
Total revenue from operations stood at Rs 13,682 crore in the reported quarter, compared to Rs 13,079 crore in Q1FY25 and Rs 11,672 crore in the year-ago period. Total expenditure by REC in the July-September quarter stood at Rs 8,609 crore, lower than Rs 8,743 crore in Q1FY25 and Rs 6,847 crore in Q2FY24.
