REC Q1 net profit falls 8% to Rs1,301 crore1 min read . Updated: 11 Aug 2017, 05:55 PM IST
REC's net profit was Rs1,420.86 crore in the first quarter last fiscal
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 ₹ 5,662.16 crore in the quarter ended June 2017 from ₹ 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.