Maharatna PSU REC declares dividend, posts positive revenue, profit growth in Q3

REC said today in a stock exchange filing that its Board of Directors has approved “Declaration of 2nd interim dividend @ ₹3.25 (Rupees Three and Twenty Five Paise only) per equity share of ₹10/- each for the financial year 2022-23 as approved by the Board of Directors of REC Limited in its meeting held on January 30, 2023. Further, the record date for the said interim dividend is Thursday, February 9, 2023 and the said interim dividend shall be paid / dispatched on Tuesday, February 28, 2023 to those shareholders whose names appear (a) as beneficial owners in the statement(s) furnished by the depository(ies) as on the close of business hours on Thursday, February 9, 2023 in respect of shares held in electronic form; and (b) as members in the register of members on Thursday, February 9, 2023 in respect of physical shares.”

In Q3FY23, the company reported a net income of ₹9,660.06 Cr as compared to ₹9,573.69 Cr recorded in the year-ago quarter, registering a YoY growth of 0.90% YoY. The net income stood the same for both consolidated and standalone figures. On a consolidated basis, the company recorded net expenses of ₹6,185.24 Cr in the quarter ended December 2022 as compared to ₹6,617.51 Cr recorded in the quarter ended December 2021, whereas on a standalone basis, the net expenses stood at ₹6,152.75 Cr in Q3FY23 as against ₹6,587.24 Cr recorded in Q3FY22. 

On a standalone basis, REC’s net profit reached ₹2,878.08 Cr in Q3FY23 as compared to ₹2,772.65 Cr in Q3FY22, representing a YoY growth of 3.80%, whereas on a consolidated basis, the company’s profit after tax (PAT) or net profit stood at ₹2,915.33 Cr as compared to ₹2,773.44 Cr recorded in the year-ago quarter, representing a YoY growth of 5.12%. On a standalone basis, the company’s EPS stood at ₹10.93 as compared to ₹10.53 recorded in the year-ago quarter, whereas on a consolidated basis, EPS of REC reached ₹11.07 in Q3FY23 against ₹10.53 recorded in the same quarter last year.

On the NSE, the shares of REC Limited closed today at ₹116.10 apiece level, up by 0.83% from the previous close of ₹115.15. The stock recorded a total volume of 77,68,757 shares compared to the 20-Day average volume of 10,465,586 shares. The stock touched a 52-week-high of ₹126.25 on (09-Jan-2023) and a 52-week-low of ₹82.24 on (20-Jun-2022).