REC's Q3 net rises nearly 20 per cent to Rs 1,228 crore

Rural Electrification Corp (REC) on Friday reported a nearly 20 per cent increase in standalone net profit at Rs 1,227.67 crore in the third quarter that ended in December 2013.

The state-owned company had posted a net profit of Rs 1,026.65 crore for the corresponding period a year ago.

Total income in the third quarter of the ongoing fiscal year (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.

The company also announced an interim dividend of Rs 7.75 per share, translating to more than a Rs 765-crore payout. Central government, which held a stake of 66.80 per cent 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 quarter under review.

REC's board, during its meeting on Friday, approved the interim dividend. The dividend would be paid on February 28.

Shares in REC, on Friday ended at Rs 191.45 apiece on the BSE, up nearly 2 per cent to from the previous close.