REC has declared an interim dividend of Rs5 per share for FY11-12
Rural Electrification Corporation (REC), which provides loans to the power sector, reported net profit of Rs769.51 crore for the three months ended December 2011.
The company had net profit of Rs664.09 crore in the corresponding period last fiscal, it said in a filing to the Bombay Stock Exchange (BSE).
In Q3 FY11-12, the company's total income rose to Rs2,699.12 crore from Rs2,175.41 crore in the year-ago period.
"Due to change in accounting policy, the profit before tax for the quarter and nine months ended 31 December 2011 is higher by Rs197.65 crore. The amount remaining to be amortised in Foreign Currency Monetary Item Translation Difference Account is Rs197.65 crore," the filing said. REC has declared an interim dividend of Rs5 per share for FY11-12.
"This interim dividend on equity shares, subject to the provisions of Section 206A of the Companies Act, 1956, will be paid on February 7, 2012," the filing noted.
REC closed at Rs198.25 per share on the Bombay Stock Exchange, 0.46% up from the previous close.