REC net profit grows 33% YoY to Rs 3,065.37 crore in Jan-Mar quarter

State-owned REC Ltd on Wednesday posted a 33 per cent rise in its consolidated net profit to Rs 3,065.37 crore during March FY 2022-23 quarter, on account of higher income.

The company had clocked a net profit of Rs 2,301.33 crore during the January-March quarter of FY 2021-22, REC said in a regulatory filing.

The company's total income during the fourth quarter rose to Rs 10,254.63 crore from Rs 9,655.99 crore in the year-ago period. Total expenses reduced to Rs 6,353.40 crore as against Rs 6,798.68 crore.

For the entire FY23, the net profit was at Rs 11,166.98 crore, up from Rs 10,035.70 crore in FY22.

The income also rose to Rs 39,520.16 crore from Rs 39,339.20 crore a year earlier.

The company also approved a proposal to incorporate a project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC's arm REC Power Development and Consultancy Limited (RECPDCL) for four interstate transmission projects which are to be implemented through tariff-based competitive bidding mode.

The board also approved the appointment of Hemant Kumar as Chief Compliance Officer of REC Ltd for a period of three years with effect from May 6, 2023.

REC Ltd, under the Ministry of Power, is a non-banking finance company focusing on power sector financing and development across India.