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Total income stood at Rs 12,706.66 crore in the quarter ended 31 March 2024, up 23.91% from Rs 10,254.63 crore reported in the same period a year ago. Consolidated profit before tax grew 34.05% YoY to Rs 5,229.48 crore in thw quarter ended 31 March 2024. Total expenses climbed 17.69% YoY to Rs 7,477.18 crore during the quarter. Finance cost was at Rs 7,895.71 crore (up 21.54% YoY) and employee benefits expense was at Rs 66.07 crore (up 125.95% YoY). On full year basis, the company's consolidated net profit rose 26.67% to Rs 14,145.46 crore on 20.33% increase in revenue from operations to Rs 47,504.75 crore in FY24 over FY23. Meanwhile, the company's board recommended a final dividend of Rs 5 per share for the financial year 2023-24, subject to the approval of shareholders. Further, the board approved incorporation of project-specific special purpose vehicles (SPVs), as wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), a wholly owned subsidiary of REC, for two inter-state transmission projects to be implemented through tariff based competitive bidding process. Lastly, the board of directors approved sale and transfer of the entire shareholding of five SPVs, presently held by RECPDCL to the successful bidders selected through tariff based competitive bidding process. 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. Powered by Capital Market - Live News |