REC third quarter profit up 23 per cent at Rs 2,773 crore – EQ Mag Pro
State-owned REC Ltd on Friday posted nearly 23 per cent rise in consolidated net profit at Rs 2,773.44 crore for December quarter 2021-22 mainly on the back of higher revenues.
The company had logged a net profit of Rs 2,257.96 crore in the year-ago period, a BSE filing stated. Total income rose to Rs 10,070.42 crore in the quarter from Rs 9,089.46 crore in the same period a year ago.
The company’s board in its meeting held on Friday declared third interim dividend at the rate of Rs 6 per equity share of Rs 10 each for 2021-22. The record date for the interim dividend is February 16, 2022 and it shall be paid/dispatched on March 3, 2022. The total interim dividend for 2021-22 is Rs 10.50 per equity share (of face value of Rs 10 each).
The board also approved incorporation of 12 project-specific special purpose vehicles, as wholly-owned subsidiaries of REC Power Development & Consultancy Ltd (RECPDCL), for development of inter-state transmission projects allocated by Ministry of Power. The companies to be incorporated will also be subsidiaries of REC Ltd.
The board also approved sale and transfer of Gadag Transmission to ReNew Transmission Ventures Pvt Ltd, the successful bidder selected through tariff-based competitive bidding process. The process for sale is expected to be complete in 2021-22.
The board also approved appointment of Parminder Chopra as Additional Director on the board of REC, as nominee of Power Finance Corporation Ltd with immediate effect, subject to the approval of shareholders.
Source: PTI
