REC Limited, a state-owned non-banking finance company (NBFC), has posted a 23 percent rise in consolidated net profit to Rs 4,076.35 crore in the third Quarter (Oct-Dec 24) of the current financial year (2024-25). This was informed by the Company on February 06, 2025.
This NBFC had posted a net profit of Rs 3,308.42 crore in the corresponding period (October-December) of FY 2023-24.
According to release, the company’s total income rose to Rs 14,286.91 crore in the reporting quarter from Rs 12,071.54 crore during the corresponding period a year-ago.
Total expenses stood at Rs 9,105.94 crore in the latest December quarter as against Rs 7,899.85 crore a year earlier.
The board of the company also approved a third interim dividend of Rs 4.30 per share for the financial year 2024-25 and set February 14 as the record date for shareholders to become eligible for the payment.
The Board further approved formation of a joint venture between REC Power Development and Consultancy Limited (a wholly-owned subsidiary of REC) and Mahagenco Renewable Energy Limited in the shareholding ratio of 50:50 for the development of renewable energy and other power projects.
The proposal remains subject to requisite clearances/ concurrences/ approvals of statutory/administrative authorities, wherever required.
REC, under the Ministry of Power, is a non-banking finance company, public financial institution (PFI) and infrastructure financing company (IFC).
