Team News Riveting
Gurgaon, July 27
REC Limited, a maharatna company under the ministry of power on Friday declared the interim dividend of Rs 3.50 per equity share of Rs 10 each for the financial year 2024-25.
The Board of Directors of the REC today met to approve the financial results and interim dividend besides other issues. The company said in a statement that the board approved the record date for the said interim dividend for August 9, 2024.
The interim dividend shall be paid and dispatched on or before August 23, 2024 to those shareholders, whose names appear (a) as beneficial owners in the statement(s) furnished by the depository(ies) as on the close of business hours on August 9, 2024 in respect of shares held in electronic form; and (b) as members in the register of members on August 9, 2024 in respect of
physical shares, the company said.
Government-owned REC Ltd. saw a 16.3 per cent rise in net profit in the first quarter of fiscal 2025. The profit growth was supported by higher interest earned from loan assets. The company posted a standalone net profit of Rs 3,442 crore in the April-June quarter, compared to Rs 2,961 crore in the same period last year.
Analysts had estimated a net profit of Rs 3,591 crore. The power project financier reported a 18.7 per cent growth in total income at Rs 13,037 crore, compared to Rs 10,980 crore last year. Income from interest earned on loan assets rose by 19 per cent year-on-year to Rs 12,500 crore.
