BENGALURU (Reuters) - India's state-owned infrastructure finance company REC Ltd on Monday reported a 5.1% rise in third-quarter profit, as it cut down its total expenses.
The New Delhi-based non-banking financial company's profit rose to 29.15 billion rupees ($357.71 million) in the three months ended Dec. 31, from 27.73 billion rupees a year earlier, it said in a statement. Total revenue from operations fell 2.5% to 97.82 billion rupees.
However, a 6.5% drop in total expenses during the quarter offset the fall in total operations revenue.
The company, which mainly provides loans to state electricity boards, state utilities and all segments of power infrastructure in the private sector, said its interest income on loan assets grew nearly 1% to 96.60 billion rupees.
REC declared interim dividend of 3.25 rupees per share. It set the record date for the dividend on Feb. 9, which will be paid on Feb. 28.
Shares of the company closed up 0.7% to 115.95 rupees ahead of the quarterly results. The stock gained 16.1% in 2022.
BJP's expenses on assembly polls in five states up 58% to Rs 344 cr
BSE net profit nearly halves to Rs 34 cr as margin plunges, expenses rise
Several insurance companies exceed limit on expenses in FY22: Irdai report
REC to provide aid to MP discoms, MPPMCL, Rewa Ultra Mega Solar project
REC seeks shareholders' nod to raise up to Rs 75,000 cr via bonds
AWS reports Rs 745 cr revenue opportunity for businesses harnessing data
Mangalore Refinery and Petrochemicals swings to Q3 loss due to windfall tax
Bajaj Finserv net income jumps 42% to Rs 1,782 crore in Q3: Report
Textiles major Welspun India Q3 net profit declines 66.55% to Rs 43.83 cr
Manufacturing, services sector log 8.27% attrition in Q3: Report
($1 = 81.4910 Indian rupees)
(Reporting by Anuran Sadhu and Biplob Kumar Das in Bengaluru; Editing by Rashmi Aich)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)