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Macedonian (MK) The state-owned company REC Ltd on Saturday declared an interim dividend of Rs 3.50 per share for the financial year 2024-25 along with its results for the quarter ended June 30, 2024.
“Declaration of interim dividend @ Rs 3.50/ - (Rupees Three and Paise Fifty only) per equity share of Rs 10 each for the financial year 2024-25,” the company informed the stock exchanges via a filing.
Additionally, the company has also informed that the record date for the purpose of determining the eligible shareholders for the dividend payout has been fixed as August 9.
The dividend will be credited to the demat accounts of the shareholders on or before August 23, as stated in the filing.
In the past 12 months, REC Ltd has declared an equity dividend amounting to Rs 16 per share, which 3 interim dividends of Rs 3, Rs 3.50 and Rs 4.50 in August 2023, November 2023 and March 2024 respectively and a final dividend of Rs 5 per share in June 2024, according to the Trendlyne data.
Also read: ICICI Bank Q1 Results: Profit jumps 15% YoY to Rs 11,059 crore, NII up 7%
The same data suggests that at the current share price of Rs 625, REC Ltd's dividend yield is 2.56%.
Dividends are distributed to shareholders listed in the company's database on the record date. With the adoption of the T+1 framework, the record date and ex-date usually coincide, except when a market holiday falls after the ex-date.
Shareholders who purchase the stock at least one day before the ex-date qualify for dividends, as settlement occurs the following day. However, those who buy the stock on the ex-date are not eligible for dividends.
REC has reported a consolidated net profit of Rs 3,460.19 crore for Q4FY24, which is an increase of 16.6% YoY while the company’s revenue from operations stood at Rs 13,078.66 crore in the quarter against Rs 11,103.94 crore for the corresponding quarter of FY24.
Shares of REC Ltd closed 3% higher on Friday at Rs 625.55 on BSE.
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