REC Q2 net jumps 35% at Rs 1,500 crore

Total income from operations up 19% at Rs 5,023.71 crore

State-run Rural Electrification Corporation has reported 35 per cent jump in net profit for the second quarter ended September at Rs 1,500.75 crore on account of increase in total income from operations.

The company had reported a net profit of Rs 1,110.73 crore during the same period of last financial year, it said in a statement.

REC's total income from operations during July-September quarter this year stood at Rs 5,023.71 crore from Rs 4,210.42 crore in the corresponding period of last fiscal.

The company also plans to issue Non-Convertible Debentures up to Rs 30,000 crore through private placement during the current fiscal (2014-15).

The funds raised through the bond issue are meant for general lending operations of the company and other associated business objectives, besides repaying existing loans.

During the period, the company assured Rs 20,000 crore funding for projects of public sector power utilities in Telangana.

On a half-yearly basis, the profit after tax of the company increased to Rs 2,784 crore from Rs 2,264 crore in the same period last year.

REC shares were trading 1.53 per cent down at Rs 296.70 per scrip during afternoon session on the BSE.