Shares of REC jumped 4.64% to Rs 148.85 after consolidated net profit jumped 29.8% to Rs 1666.81 crore in Q3 December 2019 from Rs 1284 crore in Q3 December 2018.
Profit before tax (PBT) stood at Rs 2386.47 crore in Q3 December 2019, up by 29.5% from Rs 1842.84 crore in Q3 December 2018.
Total incomes increased by 39.2% to Rs 7719.77 crore in Q3 December 2019 from Rs 5545.78 crore in Q3 December 2018.
REC is a public sector infrastructure finance company in India's power sector. The company provides loan assistance to various state and central power utilities, private sector project developers, and state governments for investments in power generation, transmission, distribution, and other system improvement schemes.
Power Finance Corporation, the central public sector enterprise (CPSE), held 52.63% stake in the company as on 31 December 2019.
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