REC posts net profit at Rs 1,667 crore in Q3

Hyderabad: REC Ltd posted around 30 per cent jump in its consolidated net profit to Rs 1,666.81 crore in the December 2019 quarter, mainly due to higher revenues.

Its consolidated net profit was Rs 1,284 crore in the corresponding quarter a year ago. The company's consolidated total income rose to Rs 7,533.80 crore in the third quarter, compared with Rs 6,626.74 crore a year ago.

Ajeet Kumar Agarwal, Chairman and Managing Director, said: "With one large borrower account getting settled during the quarter, apart from two accounts getting upgraded on regularisation of the dues, we continue to be optimistic about further resolutions of the stressed assets in the coming quarters."

The firm also said its board of directors in the meeting on February 4, 2020, declared and approved payment of interim dividend at the rate of Rs 11 per equity share of Rs 10 for 2019-20.

The record date for the interim dividend is February 12. It shall be paid or dispatched on February 24 to shareholders. The company's consolidated net profit in the April-December period this fiscal is Rs 4,450.45 crore compared to Rs 4,507.59 crore in the year-ago period. The company earned a profit of Rs 5,763.72 crore in 2018-19.

The navratna NBFC and Infrastructure Finance Company said that the loan book reflected a growth of 14 per cent, with Rs 3.07 lakh crore as on December 31, 2019 against Rs 2.69 lakh crore on December 31, 2018.