 "REC")
REC stock price hit a record high of Rs 555.45 apiece on the BSE, after it soared 9.5 per cent in Thursday's intraday trade. The stock has extended its rally into the second day after its January to March quarter results.
In two days, REC stock price has leaped nearly 20 per cent after it reported 33 per cent growth in the March quarter (Q4FY24) net profit, at Rs 4,079.09 crore, on April 30. REC had reported a net profit of Rs 3,065.37 crore in the corresponding quarter of the previous fiscal (Q4FY23).
According to REC's financial statement, the public sector company wrote-back provisions worth Rs 711.9 crore in Q4, compared to an expense of Rs 56 crore in Q3FY24, which aided its profit after tax.
Its total income, meanwhile, increased to Rs 12,706.66 crore in Q4FY24 from Rs 10,254.63 crore in Q4FY23. Net interest income (NII), on the other hand, surged to Rs 4,273 crore, up 25.4 per cent Y-o-Y.
REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India. It is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).
For the entire FY24, REC's net profit was Rs 14,145.46 crore, up from Rs 11,166.98 crore in FY23. The income also rose to Rs 47,571.23 crore in FY24 compared to Rs 39,520.16 crore a year earlier.
REC dividend announcement
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The board of REC has announced a final dividend of Rs 5 per share. This is in addition to the interim dividends of Rs 11 per equity share, already declared during the financial year 2023-24 in three tranches.
REC stock price
At 10:20 AM, REC stock price was trading 9 per cent higher at Rs 554.3 per share as against 0.28 per cent rise in the benchmark S&P BSE Sensex.
Meanwhile, PFC (Power Finance Corporation) stock price zoomed 7.5 per cent to Rs 474.5 apiece in the intraday trade. It was quoting near its record high level of Rs 477.8 per share, hit on February 8, 2024.
So far in the current calendar year, REC stock has jumped around 30 per cent, while PFC has added 20 per cent. By comparison, the benchmark Sensex index is up around 3 per cent so far in 2024 YTD.
