REC shares zoom nearly 9% to fresh 52-week high post Q4 results; announces dividend
REC Ltd surged 8.5% to Rs 550.50, hitting a 52-week high, following a 33% YoY rise in net profit to Rs 4,079 crore for the quarter ending March. Total income reached Rs 12,706.66 crore, with revenue from operations growing by nearly 24% YoY to Rs 12,677.18 crore.
Shares of Ltd rallied 8.5% to its 52-week high of Rs 550.50 today after the company posted a 33% year-on-year (YoY) growth in its net profit to Rs 4,079 crore for the quarter ended March.The total income for the fourth quarter came at Rs 12,706.66 crore as against Rs 10,254.63 crore in the year-ago period, while the revenue from operations grew nearly 24% YoY to Rs 12,677.18 crore.
REC also announced a dividend of Rs 5 per equity share with its quarterly earnings. It had also declared an interim dividend of Rs 11 per share during the financial year 2023-24. The total dividend for FY 23-24 stands at Rs 16.
The net interest income (NII) came in at Rs 4,272 crore, up 25.4% YoY from Rs 3,406 crore.
REC’s net NPA stood at 0.86%, a growth of 4 bps QoQ, from 0.82%, while the GNPA was down to 2.71% against 2.78% QoQ.
REC is a leading Infrastructure Finance Company in India and the principal products of REC are interest-bearing loans to State Electricity Boards, State Power utilities/State Power Departments and Private sector for all segments of Power infrastructure.
The Nifty Energy index was up 1% today wherein PowerGrid and BPCL were in strong momentum with 4% and 3% gains, respectively. Outside of the energy index, PFC, the holding company of REC, was also up by 8% at the day’s high of Rs 476.90.Also read:
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