REC net profit rises 14% to Rs 2,301 cr in March quarter on higher revenues

State-owned REC Ltd posted a 14 per cent rise in its consolidated net profit to Rs 2,301.33 crore in the March quarter, mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 2,017.84 crore in the quarter ended March 2021, a BSE filing said.

Total income in the quarter rose to Rs 9,653.27 crore from Rs 9,215.92 crore in the same period a year ago.

In 2021-22, the consolidated net profit also climbed to Rs 10,035.70 crore. It stood at Rs 8,378.14 crore in the year-ago period.

Total income in the fiscal increased to Rs 39,339.10 crore, as against Rs 35,575.56 crore in 2020-21.

The company's board has recommended the payment of final dividend of Rs 4.80 per share on the face value of Rs 10 each for the financial year 2021-22, subject to the approval of the shareholders in the ensuing Annual General Meeting (AGM).

If approved, it will be paid to the shareholders within 30 days from the date of the AGM.

The final dividend is in addition to the interim dividends of Rs 10.50 per equity share already declared and paid during the year in three tranches, thereby, making total dividend for FY 2021-22 to Rs 15.30 per share, on the face value of Rs 10 each.