REC Ltd Boosts Profits by 23% Amid Strategic Ventures

State-owned REC Ltd reported a 23% increase in net profit, reaching Rs 4,076.35 crore in the December quarter due to increased income. The board announced a third interim dividend and a joint venture with Mahagenco Renewable Energy for renewable projects, pending necessary approvals.

State-owned REC Ltd has announced a significant 23% surge in consolidated net profit, totaling Rs 4,076.35 crore for the December quarter. This increase was driven by higher income, according to the company's recent exchange filing.

In the corresponding period of the 2023-24 financial year, the net profit stood at Rs 3,308.42 crore. The company's total income rose to Rs 14,286.91 crore, up from Rs 12,071.54 crore in the previous year's quarter.

Additionally, the board approved a third interim dividend of Rs 4.30 per share for the 2024-25 financial year, with February 14 set as the record date. They have also greenlit a joint venture with Mahagenco Renewable Energy for renewable energy projects, pending regulatory approvals.