The Karnataka Renewable Energy Development Limited (KREDL) has declared its highest-ever dividend, amounting to ₹20.96 crore for the Financial Year 2021-22. On Friday, Managing Director KREDL. K. P. Rudrappaiah delivered the dividend cheque to Chief Minister Siddaramaiah and Energy Minister K.J. George.
KREDL, which is the nodal agency of the State government to identify, promote and develop renewable energy projects in Karnataka, also works to promote renewable energy in coordination with state and national-level agencies.
While the company had reported a turnover of ₹88.49 crore with a net profit of ₹39.12 crore, it had declared a dividend amounting to ₹1 crore for 2020-21. In the following year, the turnover rose to ₹149.04 crore with a net profit of ₹69.69 crore, and the dividend value touched ₹20.96 crore.
Speaking about the increase in profits, Gaurav Gupta, Additional Chief Secretary, Energy department, said, “Like with any company, there has been a year-on-year growth even at KREDL. It is good to see the government company succeed.”
Providing further explanation as to why the dividend amount increased in FY 2021–22, Mr. Rudrappaiah cited the government order that the Financial Department passed. “The profit during FY 2021–22 was the highest ever compared to previous years. The company has declared a dividend at the rate of 30% on the profit after tax of ₹69.87 crore amounting to ₹20.96 crore for the FY, which ended on March 31, 2022. While previously we used to issue dividends only on the paid-up share capital, the department’s order said even profit should be considered.”
In the FY 2020 – 21, KREDL declared a dividend of ₹20 per share on paid-up equity share capital of ₹50,00,300, amounting to a little over ₹1 crore.
