REC PAT climbs 7% YoY to Rs 4,038 crore in Q2 FY25

REC reported 6.54% rise in consolidated net profit to Rs 4,037.72 crore on 17.23% increase in revenue from operations to 13,682.43 crore in Q2 FY25 over Q2 FY24.

Consolidated profit before tax grew 5.37% YoY to Rs 5,097.39 crore in the quarter ended 30 September 2024.

Total expenses spiked 25.73% YoY to Rs 8,608.92 crore during the quarter. Finance cost was at Rs 8,505.61 crore (up 15.73% YoY) and employee benefits expense was at Rs 65.47 crore (up 34.96% YoY).

On half yearly basis, the consolidated net profit rose 10.95% to Rs 7,497.90 crore on 17.5% increase in revenue from operations to Rs 26,761.09 crore in H1 FY25 over H1 FY24.

Meanwhile, the companys board declared an interim dividend of Rs 4 per equity share for the financial year 2024-25. The record date for the said dividend is 8 November 2024 and it shall be paid/ dispatched on or before 22 November 2024.

Further, the board approved incorporation of two project-specific special purpose vehicles, as wholly owned subsidiary companies of REC Power Development & Consultancy for the purpose of selection of bidder as transmission service provider to establish projects, through Tariff Based Competitive Bidding process.

Lastly, the board of directors approved Subrata Aich as chief risk officer (CRO) of the company with effect from 1 December 2024, upon superannuation of incumbent CRO Malathi Sundararajan on 30 November 2024.

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.

Shares of REC closed 2.27% lower at Rs 509.35 on Friday, 25 October 2024.

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