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REC net profit grows by 57%

Business

Rural Electrification Corporation (REC), a Navratna Public Sector company, has recorded a growth of 57.33% in its net profit, rising from previous year’s figure of Rs1272.08 crore to Rs2001.42 crore. The Corporation’s annual audited financial results for year ended 31st March, 2010 revealed that the gross profit of the company grew from Rs1920.11 crore to Rs2649.19 crore.

Keeping the trend with other indicators, income of the company increased from Rs4757.17 crore to Rs6549.76 crore registering an increase of 37.68 crore. REC has paid interim dividend of Rs3 for each share of Rs10 in the month of January, 2010 for the year 2009-10.

The Board of Directors, REC has further recommended final dividend of Rs3.50 per share for the year 2009-10, thus, the total dividend will be Rs6.50 per share. Net NPAs of the company declined from Rs20.89 crore in the previous year to Rs2 crore for the financial year 2010.

Average yield on Loan assets at the end of 31st March 2010 was 11.23% as against 10.45% at the end of March 2009. During the period, Corporation has also accounted for 1% agency charges for RGGVY implementation of Rs58.52 crore (net of service tax).

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