REC shares rally 9%, hit Rs 550-mark on Q4 results, dividend

Shares of REC Ltd (RECL) climbed nearly 9 per cent in Thursday's trade to hit Rs 550 level on BSE, following its March quarter results. The stock gained as the PSU reported 33.84 per cent year-on-year (YoY) jump in its net profit at Rs 4,016.30 crore for the March quarter compared with Rs 3,000.91 crore in the same quarter last year. 

Total income, REC said, climbed 24.89 per cent to Rs 12,643.31 crore for the March quarter compared with Rs 10,123.96 crore in the corresponding quarter last year.

Along with its quarterly results, REC announced a final dividend of Rs 5 per share, subject to approval of shareholders in the ensuing Annual General Meeting (AGM). 

This dividend was in addition to the interim dividend Rs 11 per equity share, already declared during the financial year in three tranches, thereby making total dividend for the Financial Year to Rs 16 per equity share on face value of Rs 10 each.

Following the results, RECL shares jumped 8.52 per cent to hit a high of Rs 550.50 on BSE.

On consolidated basis, the company reported 33.07 per cent rise in its net profit at Rs 4,079.09 crore for fourth quarter ended March 31, 2024 compared with Rs 3,065.37 crore in the same quarter lt year. REC said its consolidated total income was up 23.91 per cent at Rs 12,706.66 crore against Rs 10,254.63 crore YoY.

For the year ended March 31, 2024, the company has reported 26.82% rise in its net profit at Rs 14,019.21 crore as compared to Rs 11,054.64 crore for the previous year. Total income of the company increased by 20.28% at Rs 47,214.15 crore for year under review as compared to Rs 39,252.73 crore for year ended March 31, 2023.