REC yearly profit surges 28% to Rs 2,585 cr

Rural Electrification Corporation (REC) today posted a 28% increase in its consolidated profit at Rs 2,584.90 crore for the year ended March 31, 2011.

The company, which provides finance for power projects, had a profit of Rs 2,022.25 crore in the year-ago period.

REC raked in total income to the tune of Rs 8,256.91 crore in 2010-11, higher than Rs 6,549.76 crore earned in the year-ago period, it said in a regulatory filing.

The entity reported a profit of Rs 700.26 crore for the three months ended March 31, a jump of nearly 25% as compared to the same period a year ago.

In the comparable period, the profit was Rs 561.17 crore.

The total income in the March quarter climbed to Rs 2,188.33 crore from Rs 1,833.59 crore in year-ago period.

REC's board recommended a final dividend of Rs 4 a share for 2010-11. The total dividend payout for the last fiscal would be Rs 7.50 a share, including an interim dividend of Rs 3.50 a piece paid in February.

Shares of the company dropped 1.58% to close at Rs 202.40 on the Bombay Stock Exchange.