REC net up 5% to Rs 2,915.33 crore in Q3; declares Rs 3.25/share 2nd interim dividend

The record date for the 2nd interim dividend is Thursday, February 9, 2023 and that shall be paid on Tuesday, February 28.

State-owned non-banking finance firm REC on Monday posted over five per cent rise in its consolidated net profit at Rs 2,915.33 crore in the quarter ended December, mainly due to lower expenses.

The consolidated net profit of the company was Rs 2,773.44 crore in the corresponding quarter of the preceding fiscal, a BSE filing showed.

Total expenses of the company dipped to Rs 6,185.24 crore in the quarter from Rs 6,617.51 crore in the same period a year ago. Total income also came down to Rs 9,795.47 crore in the quarter from Rs 10,069.11 crore a year ago.

The board has approved declaration of the 2nd interim dividend at the rate of Rs 3.25 per equity share of Rs 10 each for 2022-23.

The record date for the 2nd interim dividend is Thursday, February 9, 2023 and that shall be paid on Tuesday, February 28.

The board also revised the market borrowing limit for 2022-23 to Rs 98, 000 crore from Rs 85,000 crore approved earlier.