REC up 7% powered by strong Q2 performance

REC, formerly Rural Electrification Corporation, reported a 30.72 percent year-on-year increase in profit at Rs 3,789.90 crore, in the September quarter

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REC was trading almost 7 percent higher at mid-day on November 2, a day after the state-run company reported a good set of numbers for the September quarter of the current financial year.

REC, formerly Rural Electrification Corporation, reported a 30.72 percent year-on-year increase in profit at Rs 3,789.90 crore, the company said in a regulatory filing.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) were at R. 12,193.52 crore, up 32.98 percent from the year-ago period. Net sales of Rs 11,688.24 crore were 17.4 percent higher than the year-ago quarter.

Also read: PFC, REC stocks jump upto 7%; capacity expansion, clean energy push in play; will the rally sustain?

The state-run Rural Electrification Corporation Ltd. (REC) also declared its second interim dividend for the financial year. The board approved the second interim dividend of Rs 3.5 a share. Record date has been fixed at November 13 and the dividend would be paid on or before November 30, the company said.

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At 12.30 pm, the stock was trading at Rs 301.05, around 6.5 percent higher than the previous close.

Over the last year, the stock gained over 191 percent. Power Finance Corporation, which owns a majority stake in REC, was trading over 6 percent higher at Rs 266.25 at mid-day.

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