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
REC gets shareholders' nod to issue bonus share
REC gets shareholders' nod to issue bonus share

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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