REC Q1 net profit falls 8% to Rs1,301 crore
New Delhi: State-run Rural Electrification Corp’s (REC) net profit dipped 8.42% to Rs1,301.14 crore in the first quarter ended June, due to lower interest income.
The company’s net profit was Rs1,420.86 crore in the quarter ended on 30 June 2016, REC said in a BSE filing today.
According to statement, the interest income of the REC decreased to Rs5,463.23 crore in the quarter under review from Rs5,889.52 crore in the year-ago period.
Total income of the company also declined to Rs 5,662.16 crore in the quarter ended June 2017 from Rs 6,050.73 crore in June 2016.
The company’s main business is to provide finance to power sector. Shares of the company ended 0.92% higher at Rs165.3 on BSE.