State-run Rural Electrification Corporation Ltd. (REC) has declared its second interim dividend for the current financial year. The board has approved the second interim dividend of ₹3.5 per share for financial year 2024.
In August, the company's board had approved its first interim dividend for the current financial year worth ₹3 per share.
Record date for the second interim dividend has been fixed as November 13, 2023 and the said dividend will be paid to eligible shareholders on or before November 30, 2023.
In August last year, the company had declared a bonus issue worth 1:3, rewarding shareholders with one bonus share for every three held.
The government currently holds a 52.63% stake in REC, and based on their current shareholding, it would receive a dividend payout of ₹415 crore.
Shares of REC are reacting to their quarterly results where its asset quality improved compared to the June quarter. Gross NPA for the quarter stood at 2.14% from 3.21% on a sequential basis.
The company's Net Interest Income declined by 3.4% from last year to ₹3,823 crore, while its net profit increased by 38% year-on-year to ₹3,773 crore.
When compared to the June quarter, REC's NII grew 12%, while net profit was up 27.4%.
Shares of REC are down 1.5% at ₹283.35. The stock has risen 135% so far in 2023.
First Published: Nov 1, 2023 1:02 PM IST
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