REC posts Rs 1,228 cr profit in Q3, announces interim dividend

New Delhi: State-owned Rural Electrification Corp today reported nearly 20 percent increase in standalone net profit at Rs 1,227.67 crore in the three months ended December 2013. REC had posted a net profit of Rs 1,026.65 crore in the same period a year ago. Total income in the third quarter of current fiscal (2013-14) climbed to Rs 4,405.17 crore from Rs 3,552.23 crore in the year-ago period, REC said in a regulatory filing.[caption id=“attachment_1390699” align=“alignleft” width=“380”]  Making profits. Reuters[/caption] The company has also announced an interim dividend of Rs 7.75 per share, translating to more than Rs 765 crore payout. The Central government, which held a stake of 66.80 percent in the company at the end of December quarter, would receive about Rs 511 crore. REC’s outstanding shares stood at 98.74 crore in the 2013 December quarter. The company’s board, during their meeting today, approved the interim dividend, which would be paid on 28 February. Shares of the company gained nearly two percent to close at Rs 191.45 apiece on the BSE. PTI