REC Q1 net profit grows 16.57% to Rs 3460.19 cr

New Delhi: State-owned REC on Saturday posted a 16.57 per cent rise in consolidated net profit to Rs 3,460.19 crore for the June quarter, mainly on the back of higher revenues.

In the year-ago period, its net profit stood at Rs 2,968.05 crore, the company said in an exchange filing.

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

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.

"The Board has also taken note of striking off the name of Khavda II-D Transmission a wholly-owned subsidiary company of REC Power Development & Consultancy Limited ("RECPDCL"), a wholly-owned subsidiary of REC, from the Registrar of the Companies,'' the filing said.

The Company stands dissolved and ceased to be the subsidiary of RECPDCL & REC in terms of provisions of the Companies Act. 2013, it said.

REC, under the Ministry of Power, provides long-term loans and financing to state, Centre and private companies for the creation of infrastructure assets in the country.