REC Q2 net profit grows 8 pc to Rs 1,619 cr

The state-owned Rural Electrification Corporation today announced a 7.64 per cent growth in September quarter net profit at Rs 1,619.19 crore on account of increase in interest income.
"The company has posted a net profit of Rs 1,619.19 crore for the quarter ended September 30, 2015 compared with Rs 1,504.30 crore for the quarter ended September 30, 2014," REC informed BSE today in a statement.
According to the statement, the interest income of the company rose to Rs 5,827.05 crore in the quarter under review, compared with Rs 4,986.19 crore a year ago.
Total income was up at Rs 5,924.73 crore for the said quarter, from Rs 5,066.27 crore a year earlier.

A public financial institution in the power infrastructure space, REC is into financing and promotion of transmission, distribution and generation of power, including renewable energy, throughout India and plays a key role for growth of the Indian power sector.
REC assists their clients in formulating and implementing a broad array of power projects and finances the same. The central government holds 60.64 per cent in the company as on September 30, 2015.
The company is one of the only 17 Indian public sector undertakings to have been granted the 'navratna' status by virtue of its operational efficiency and financial strength.