REC Q1 profit rises 21% to Rs 2,968 cr; announces dividend of Rs 3 per share

New Delhi: State-owned REC on Wednesday posted nearly 21 per cent rise in consolidated net profit at Rs 2,968.05 crore for June quarter 2023-24 mainly on the back of higher revenues.

In the year-ago period, the profit stood at Rs 2,454.16 crore, a BSE filing said. Total income rose to Rs 11,091.77 crore from Rs 9,506.06 crore in the same period a year ago.

The board also approved declaration of interim dividend at the rate of Rs 3 per equity share of Rs 10 each for 2023-24.

The record date for the interim dividend is August 14, 2023 and it shall be paid/ dispatched on or before August 24.

The board also approved a proposal for increasing the overall borrowing limit of the company from Rs 4,50,OOO crore to Rs 6,OO,OOO crore and in any foreign currency equivalent from USD 16 billion to USD 20 billion.