REC added 2.49% to Rs 96.80 after the company recorded 1.5% rise in consolidated net profit to Rs 2732.12 crore on a 0.9% decline in total income to Rs 9,964 crore in Q2 FY23 over Q2 FY22.
Profit before tax in Q2 FY23 stood at Rs 3436.24 crore, up by 3% from Rs 3334.74 crore in Q2 FY22.Total expenses declined by 2.7% to Rs 6,527.76 crore in the quarter ended 30 September 2022 as against the corresponding quarter last year.
Meanwhile, the company's board declared an interim dividend of Rs 5 per equity share for the financial year ending 31 March 23. Further, the record date for the same is 9 November 2022 and the dividend shall be paid/ dispatched on 24 November 2022.
REC, a Navratna company under the Ministry of Power, provides financial assistance to the power sector in all segments. It funds its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings.
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