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REC electrifies quarterly profit by 28% to record `1,754 crore

State-run Rural Electrification Corp today reported a 28 per cent jump in standalone net profit to Rs 1,754.4 crore in the third quarter ended December 31, 2016. "The company had posted a net profit of Rs 1,369.86 crore for the quarter ended December 31, 2015," REC said in a BSE filing.

According to the statement, total income decreased to Rs 5,957.75 crore in the quarter under review, from Rs 6,037.45 crore in the same period last fiscal. The company said that the Profit after Tax (PAT) of the company for the nine months ended December 31, 2016 stood at Rs 4,927 crore as against Rs 4,468 crore for the same period last fiscal, an increase of 10 per cent over the April-December of last year.

Its net worth on December 31, 2016 has increased to Rs 33,553 crore as against Rs 28,014 crore on December 31, 2015, a growth of 20 per cent.The loan book of the company has increased to Rs 2,01,937 crore and the outstanding borrowings was at Rs 1,67,612 crore as on December 31, 2016.

The loan quality has also improved sequentially with Gross NPAs at 2.32 per cent as on December 31, 2016 as against 2.45 per cent as on September 30, 2016.
Authorised Capital of the company as on December 31, 2016 was at Rs 5,000 crore. The book value per share of Rs 10 each (calculated as net worth/ number of shares) stands at Rs 169.90 as on December 31, 2016.

In a separate filing, the company said that its board at a meeting held on February 14, 2017, has declared and approved payment of interim dividend at a rate of Rs 7 per equity share on the face value of the fully paid-up equity shares of Rs 10 each for 2016-17. The said interim dividend will be paid/dispatched on March 6, 2017.
The company has fixed February 28, 2017 as the record date for the purpose of Payment of interim dividend.
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