REC shares rise 8% on Q4 earnings, dividend announcement

Shares of REC zoomed 8% today after the firm announced its Q4 earnings. REC stock rose 8.05% to the high of Rs 500.50 against the previous close of Rs 463.20 on BSE. Market cap of the firm rose to Rs 1.31 lakh crore. The firm reported a 33% rise in net profit for the quarter ended March 2024. The board of the firm also announced a final dividend of Rs 5 per share.  

Net profit climbed to Rs 4079 crore in Q4 against Rs 3065 crore on a year on year basis. Revenue climbed 24% to Rs 12,677 crore in the last quarter against Rs 10,243 cr on a YoY basis.

Earnings per share of the PSU rose to Rs 15.36 in Q4 against Rs 11.51 in Q4 of FY23.

Total 23.38 lakh shares of the firm changed hands amounting to a turnover of Rs 113.56 crore on BSE. The firm announced a final dividend of Rs 5 per share.

“@ Rs 5/ -(Rupees Five only) per equity share of Rs l0/­ each for the financial year 2023-24, subject to approval of shareholders in the ensuing Annual General Meeting (AGM). This is in addition to the Interim Dividend(s) of Rs 11/-per equity share, already declared during the financial year 2023-24 in three tranches, thereby making total dividend for the Financial Year 2023 21 to Rs 6l per equity share on face value of Rs 10 each,” said the PSU firm.