REC net profit up 28.07% in Q3

Rural Electrification Corp (REC) on Tuesday reported a 28.07 per cent increase in its net profit to Rs 1,754.40 crore in the quarter ending on December 31, 2016 as compared to Rs 1,369.86 crore in the corresponding period last year.

The company's total income from operations has decreased 6.17 per cent from Rs 6,017.95 crore for the quarter ended December 31, 2015 to Rs 5,646.35 crore for the quarter ended December 31, 2016.

Its total expenses also dropped 16.21 per cent from Rs 4,157.94 crore for the quarter ended December 31, 2015 to Rs 3,483.86 crore for the quarter ended December 31, 2016.

Rural Electrification Corporation at its board meeting held on Tuesday have declared and approved payment of interim dividend at the rate of Rs 7 per equity share on the face value of the fully paid-up equity shares of Rs 10 each for fiscal 2016-17. The interim dividend will be paid on March 6 this year.

The company's Board of directors has approved the proposal of sale and transfer of 50,000 equity shares of NER II Transmission Limited held by REC Transmission Projects Company Limited (a wholly owned subsidiary of REC) to Sterlite Grid 4 Limited, it said in a filing to the BSE.

The company's stock on Tuesday closed at Rs 144.70 at the BSE stock exchange, up by 0.14 per cent.

--IANS

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