REC Ltd Achieves 7% Profit Surge Amid Strategic Growth

State-owned REC Ltd reported a 7% increase in consolidated net profit for September 2024, driven by higher income and strategic financial management. The company's net worth and loan book have shown significant growth, with increased disbursements, particularly in the renewable energy sector.

State-owned REC Ltd has reported a 7% rise in its consolidated net profit, amounting to Rs 4,037.72 crore for the quarter ending September 2024. This growth has been primarily fueled by higher income and strategic management.

In comparison, the net profit for the same quarter in 2023 was recorded at Rs 3,789.90 crore, according to the recent BSE filing. The total income for the quarter under review surged to Rs 13,706.31 crore from Rs 11,684.89 crore a year earlier.

The board has also sanctioned a second interim dividend of Rs 4 per share, with a record date set for November 18, and payout by November 22. REC Ltd ascribes its robust performance to growth in all sectors, effective cost management, and its ability to maintain spreads and NIMs.

(With inputs from agencies.)