The Economic Times daily newspaper is available online now.

    REC Q2 results: Net profit up 1.5% at Rs 2,732 crore

    Synopsis

    The Board has approved the appointment of Malathi Sundararajan, Executive Director (F&A) as the Chief Risk Officer (CRO) with effect from January 1, 2023, till the date of her superannuation -- November 30, 2024, in place of Vijay Kumar.

    REC Q2 results: Net profit up 1.5% at Rs 2,732 croreAgencies
    State-owned REC Ltd on Thursday reported a marginal 1.5 per cent rise in its consolidated net profit to Rs 2,732.12 crore for the September quarter. Its consolidated net profit was Rs 2,692.27 crore in the quarter ended September 30, 2021, as per a BSE filing.

    However, its total income slightly dipped to Rs 9,964 crore in the quarter from Rs 10,056.53 crore a year ago.

    The total expenses of the company declined to Rs 6,527.76 crore in the quarter against Rs 6,708.93 crore in the year-ago period.

    The board in its meeting also approved an interim dividend at the rate of Rs 5 per equity share of Rs 10 each for the financial year 2022-23.

    Further, it stated that the record date for the said interim dividend is Wednesday, November 9, 2022, and the said interim dividend shall be paid/dispatched on November 24, 2022.

    The Board has approved the appointment of Malathi Sundararajan, Executive Director (F&A) as the Chief Risk Officer (CRO) with effect from January 1, 2023, till the date of her superannuation -- November 30, 2024, in place of Vijay Kumar.

    The board also approved the sale and transfer of 50,000 equity shares of a special purpose vehicle -- Gadag II-A Transmission Ltd -- held by REC Power Development and Consultancy Ltd to ReNew Transmission Ventures Pvt Ltd, the successful bidder selected through tariff based competitive bidding process.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in