Rural Electrification Corporation Ltd., or REC, India's public-sector enterprise, reported a higher stand-alone net profit for the fourth-quarter, mainly driven by considerable growth in income.
Stand-alone Results
The New Delhi-based company posted stand-alone net profit for the fourth-quarter of Rs.762.69 crore or Rs.7.72 per share, compared with Rs.700.26 crore or Rs.7.10 per share reported in the fourth-quarter of last year, an increase of nine percent.
Its quarterly net income from operations amounted to Rs.2,786.56 crore, up by 29 percent from Rs.2,158.05 crore in the corresponding quarter last year, while other operating income amounted to Rs.20.63 crore, compared with Rs.30.28 crore in the prior year quarter.
For the first twelve months, the company's stand-alone net profit rose by ten percent to Rs.2,817.03 crore from Rs.2,569.93 crore last year. Net income from operations and other operating income grew by 25 percent to Rs.10,337.59 crore from the Rs.8,256.91 crore in FY11.
Consolidated Results
REC reported fiscal year consolidated net profit, after minority interest and shares of profit from associates, of Rs.2,838.66 crore, higher by ten percent than the Rs.2,584.89 crore reported in the previous year. Net income from operations and other operating income increased by 25 percent to Rs.10,337.59 crore from the Rs.8,256.91 crore in 2011.
The company's board recommended a final dividend of 25 percent or Rs.2.50 per equity share of Rs.10 each for the fiscal year 2012. If approved at the ensuing Annual General Meeting, the said dividend would be paid within 30 days from the date of AGM.
REC shares at the BSE care currently trading at Rs.171.10, up 0.80 from the previous close.
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