REC Ltd Boasts 29% Profit Surge Amid Revenue Boom
REC Ltd reported a 29% increase in net profit for the June quarter, driven by higher revenues. The company's total income and disbursements rose significantly. An interim dividend of Rs 4.60 per share was declared. Net credit-impaired assets dropped, and the provision coverage ratio improved.
- Country:
- India
State-owned REC Ltd achieved a significant 29% rise in consolidated net profit, reaching Rs 4,465.71 crore for the June quarter, as compared to the same period last year. This surge was supported by increased revenues, a BSE filing revealed.
The company's total income climbed to Rs 14,823.98 crore, up from Rs 13,092.44 crore in the previous year. The board has also sanctioned an interim dividend of Rs 4.60 per equity share, marking continuity in rewarding shareholders.
Net credit-impaired assets reduced substantially, and the provision coverage ratio advanced to 77.05% on NPA assets, reflecting improved financial stability. The company's robust performance is attributed to growth in all business verticals.
(With inputs from agencies.)
Advertisement
Google News