Rural Electrification Corp on Wednesday posted net profit of Rs 769.51 crore for the three months ended December.
REC, which provides loans to the power sector had reported a net profit of Rs 664.09 crore in the same period a year ago, it said in a filing to the 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 added.
REC has declared an interim dividend of Rs 5 per share for the financial year 2011—12.
Shares of the company rose 4.36 per cent to close at Rs 197.35 on the BSE.