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REC net profit rises 8% to Rs 2,454 crore in Q1 FY’23

REC Limited has posted an 8 percent increase in its consolidated net profit at Rs 2,454.16 crore for the first quarter ended June 30, on the back of reduced expenses

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New Delhi: State-owned REC Limited has posted an 8 percent increase in its consolidated net profit at Rs 2,454.16 crore for the first quarter ended June 30, on the back of reduced expenses.

The company had clocked a net profit of Rs 2,268.66 crore during the April-June quarter of the financial year 2021-22, the company said in a regulatory filing on Thursday.

Its total income, however, fell to Rs 9,506.06 crore in the quarter under review, from Rs 9,555.45 crore in the year-ago quarter.

Total expenses of the company also got reduced to Rs 6,556.09 crore in the first quarter of this financial year, from Rs 6,769.62 crore a year ago.

In a separate statement, REC said its loan book has increased to Rs 3.88 lakh crore as on June 30, 2022.

REC Ltd, under the Power Ministry, is a non-banking financial company (NBFC), focusing on power sector financing and development across India.

It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives, and private sector utilities.

(With PTI inputs)

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