REC Posts 12% Jump in Q3 Profit at Rs 1,380 Crore

New Delhi: State-run Rural Electrification Corp on Friday reported a 12.37 per cent jump in its net profit at Rs 1,380 crore for the quarter ended December 31, 2014.

 

The company had posted a net profit of Rs 1,228 crore in the corresponding period of the last financial year, REC said in a regulatory filing to stock exchanges.

 

Total income increased to Rs 5,244.32 crore from Rs 4,405.17 crore for the quarter ended December 31, 2013.

 

Board of Directors declared and approved payment of interim dividend at the rate of Rs 8 per share on the face value of Rs 10 for 2014-15. It will be paid on February 27, 2015.

 

Meanwhile, the government plans to sell 5 per cent stake or 4.94 crore shares in REC, which may fetch over Rs 1,600 crore based on current market price.

 

Shares of the company closed at Rs 326.60, up 0.34 per cent from its previous close on the BSE.