New Delhi: State-run Rural Electrification Corp has announced a consolidated net profit of Rs860.14 crore for the year ended 31March, a growth of 30.27% over the previous year.
The income of the organisation, announced on Monday, for the year ended 31 March stood at Rs3,541.25 crore, a growth of 23.95% over the previous year.
The Board has recommended a dividend of 30% to the shareholders.
REC has disbursed a subsidy of Rs3,350 crore and a loan of Rs401 crore under Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY).
The government on 5 May granted Navratna status to REC, giving it financial and administrative autonomy. The company can now take decisions of investing up to 1,000 crore or 15 per cent of its net worth independently. It would now be able to expand its electricity business in the rural areas.
REC is the 16th PSU to have been named as the Navratna firm.