REC Q2 net profit up 16% at Rs 1,111 cr

New Delhi: State-run Rural Electrification Corp. today reported 16.43 percent jump in net profit at Rs 1,110.67 crore for the second quarter ended 30 September.

The company had reported a net profit of Rs 953.90 crore in the corresponding quarter of the last financial year (2012-13), REC said in a regulatory filing to the stock exchanges.[caption id=“attachment_1228075” align=“alignleft” width=“380”] Power profits. Reuters[/caption]

Total income of the company rose to Rs 4,210.42 crore for the period as against Rs 3,291.85 crore in the same period last fiscal (2012-13).

Primary objective of the company is to finance and promote rural electrification projects all over the country besides providing assistance for generation projects, transmission and distribution projects.

The company provides financial assistance to state electricity boards, state government departments and Rural Electric Cooperatives for rural electrification projects.

Shares of the company today closed at Rs 209.25 apiece on the BSE, down 0.69 percent from the previous close.

PTI