REC Ltd. declared its third interim dividend of Rs 4.30 per equity share of face value Rs 10 for fiscal 2025. The record date to determine the shareholders eligible for the dividend payout has been fixed as Feb .14. The dividend will be paid on, or before March 6, the company said in a press release.
In a board meeting, the company also announced the formation of a joint venture between REC Power Development and Consultancy Ltd. —a wholly owned subsidiary of REC — and Mahagenco Renewable Energy Ltd.
This JV will have the shareholding ratio of 50:50 and is for the joint development of renewable energy and other power projects. It is subject to required approvals from administrative authorities.
The interim dividend announcement from REC came on the day it announced the financial results for the quarter ended Dec. 31, 2024. The company posted a 23% year-on-year increase in its consolidated net profit to Rs 4,029 crore, compared to Rs 3,269 crore in the year-ago period.
The standalone income rose 18.7% year-on-year to Rs 14,172.71 crore, as compared to Rs 11,944.04 crore in the year-ago quarter.
Shares of REC Ltd. fell as much as 1.39% during the day to Rs 434.15 apiece on the National Stock Exchange. It closed 1.42% lower at Rs 446.50 per share, compared to a 0.39% decline in the benchmark Nifty. The share price had fallen 13.68% on a 12-month basis.
Twelve analysts tracking the company have a 'buy' rating, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 54.9%.
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