REC Q1 results: Net profit grows 16.57% to ₹3460.19 crore over higher revenues

State-owned REC on Saturday posted a 16.57% rise in consolidated net profit to ₹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 ₹2,968.05 crore, the company said in an exchange filing.

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

The board of directors also approved an interim dividend of ₹3.50 per equity share of ₹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.