REC Q2 Results: Net profit up 6.5% YoY at Rs 4,038 crore, dividend of Rs 4 per share announced

State-owned REC reported a 6.5% rise in its September quarter consolidated net profit at Rs 4,038 crore as against Rs 3,790 crore reported by it in the year-ago period. The total interest income earned by the NBFC during the quarter stood at Rs 13,485 crore which was up 18% over Rs 11,399 crore reported in the corresponding quarter of the previous financial year.

REC Board has announced an interim dividend of Rs 4 per equity share for the financial year 2024-25. It has set the record date on November 8, 2024. The total revenue from operations in the reported quarter stood at Rs 13,682 crore versus 13,079 crore posted in Q1FY25 and Rs 11,672 crore in the year-ago period.

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : RBI Slaps Rs 4.20 Lakh Penalty on Smriti Nagrik Sahakari Bank for Non-Compliance

Additionally, Declaration of 2nd interim dividend @ Rs 4 (Rupees Four ouly) per equity share of Rs 10/- each for the financial year 2024-25. Further, the record date for the said interim dividend is Friday, November 8, 2024, and the said interim dividend shall be paid/ dispatched on or before November 22, 2024.

The total expenses incurred by REC in the July-September quarter stood at Rs 8,609 crore down from Rs 8,743 crore in Q1FY25 and Rs 6,847 crore in Q2FY24.

The shares of the company have been down by 1.6%. The dividend yield is at 3.22% with Market capitalization standing at Rs 1.34 lakh crore.

Read Also : RITES subsidiary REMC & IRFC signs MoU on financing power projects