REC Net Profit Grows by 57%
Rural Electrification Corporation (REC), a Navratna Public Sector Company brought out its Annual Audited financial results for the year ended 31st March 2010. Net profit of the Company recorded a growth of 57.33%, rising from previous year’s figure of Rs.1272.08 crore to Rs.2001.42 crore, while the gross profit of the Corporation grew from Rs.1920.11 crore to Rs.2649.19 crore. Keeping the trend with other indicators, income of the company increased from Rs.4757.17 crore to Rs.6549.76 crore registering an increase of 37.68 crore. The Company has paid interim dividend of Rs.3.00 for each share of Rs.10 in the month of January, 2010 for the year 2009-10. The Board of Directors, REC has further recommended final dividend of Rs.3.50 per share for the year 2009-10, thus, the total dividend will be Rs.6.50 per share. Net NPAs of the company declined from Rs.20.89 crore in the previous year to Rs.2.00 crore for the financial year 2010.
Average yield on Loan assets at the end of 31st March 2010 was 11.23% as against 10.45% at the end of March 2009. During the period, Corporation has also accounted for 1% agency charges for RGGVY implementation of Rs.58.52 crore (net of service tax).
Rural Electrification Corporation (REC), a Navratna Public Sector Company brought out its Annual Audited financial results for the year ended 31st March 2010. Net profit of the Company recorded a growth of 57.33%, rising from previous year’s figure of Rs.1272.08 crore to Rs.2001.42 crore, while the gross profit of the Corporation grew from Rs.1920.11 crore to Rs.2649.19 crore. Keeping the trend with other indicators, income of the company increased from Rs.4757.17 crore to Rs.6549.76 crore registering an increase of 37.68 crore. The Company has paid interim dividend of Rs.3.00 for each share of Rs.10 in the month of January, 2010 for the year 2009-10. The Board of Directors, REC has further recommended final dividend of Rs.3.50 per share for the year 2009-10, thus, the total dividend will be Rs.6.50 per share. Net NPAs of the company declined from Rs.20.89 crore in the previous year to Rs.2.00 crore for the financial year 2010.
Average yield on Loan assets at the end of 31st March 2010 was 11.23% as against 10.45% at the end of March 2009. During the period, Corporation has also accounted for 1% agency charges for RGGVY implementation of Rs.58.52 crore (net of service tax).
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