Rural Electrification Corporation (REC) today posted net profit of Rs 769.51 crore for the three months ended December.
REC, which provides loans to the power sector had net profit of Rs 664.09 crore in the same period a year ago, it said in a filing to the Bombay Stock Exchange (BSE).
In the third quarter of the financial year 2011-12, the company's total income rose to Rs 2,699.12 crore from Rs 2,175.41 crore in the year-ago period.
"Due to change in accounting policy, the profit before tax for the quarter and nine months ended December 31, 2011 is higher by Rs 197.65 crore. The amount remaining to be amortised in Foreign Currency Monetary Item Translation Difference Account is Rs 197.65 crore," the filing said.
REC has declared an interim dividend of Rs 5 per share for the financial year 2011-12.
"This interim dividend on equity shares, subject to the provisions of Section 206A of the Companies Act, 1956, will be paid on February 7, 2012," the filing noted.
Shares of the company jumped 4.36% to close at Rs 197.35 on the BSE.