REC Q3 results: Net profit grows 23% to ₹4,076 crore

State-owned REC Ltd on Thursday posted a 23% rise in consolidated net profit to ₹4,076.35 crore in the December quarter, aided by higher income.

It had posted a net profit of ₹3,308.42 crore in the October-December period of 2023-24 financial year, the company said in an exchange filing.

The company's total income rose to ₹14,286.91 crore in the reporting quarter from ₹12,071.54 crore in the year-ago period.

Total expenses stood at ₹9,105.94 crore in the latest December quarter as against ₹7,899.85 crore a year earlier.

Board approves third interim dividend

The board of the company also approved a third interim dividend of ₹4.30 per share for the financial year 2024-25 and set February 14 as the record date for shareholders to become eligible for the payment.

Joint venture

It further approved formation of a joint venture between REC Power Development and Consultancy Limited (a wholly-owned subsidiary of REC) and Mahagenco Renewable Energy Limited in the shareholding ratio of 50:50 for the development of renewable energy and other power projects.

The proposal remains subject to requisite clearances/ concurrences/ approvals of statutory/administrative authorities, wherever required.

REC, under the Ministry of Power, is a non-banking finance company (NBFC), public financial institution (PFI) and infrastructure financing company (IFC).