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REC yearly profit surges 28% to Rs 2,584.90 cr

Rural Electrification Corporation (REC) posted a 28 per cent increase in its consolidated profit.

Written by Agencies | New Delhi |
May 24, 2011 8:29:17 pm

Rural Electrification Corporation (REC) posted a 28 per cent 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 per cent 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 of directors has recommended a final dividend of Rs 4 per share for 2010-11. The total dividend payout for the last fiscal would be Rs 7.50 per share,including the interim dividend of Rs 3.50 per piece paid in February.

“Other income includes a net foreign exchange gain of Rs 5,594.82 lakh during the quarter and Rs 8,533.04 lakh for the year ended March 31,2011,” the filing said.

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

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