State-owned Rural Electrification Corp Ltd reported a net profit of 11.92 bln rupees for Jan-Mar, up 24.1% on year, with net sales increasing 23.8% on year to 43.96 bln rupees. The company’s other operating income, however, fell 36.3% on year to 463.50 mln rupees.
REC’s finance cost during the period under review grew 22.2% on year to 26.23 bln rupees while its contingent expenses increased nearly 40% to 1.47 bln rupees in Jan-Mar. REC managed to increase other income to 474.90 mln rupees in Jan-Mar, compared with 150.80 mln rupees in the corresponding quarter in the previous year.
The company said sanctions in Jan-Mar were 183.24 bln rupees, against 148.46 bln rupees in the corresponding quarter a year ago. For the year ended March, the company’s sanctions stood at 795.28 bln rupees, against 707.40 bln rupees in the previous year. “The change was mainly due to Transitional Financing sanctioned in last year of 166.30 bln rupees,” the company said.
In Jan-Mar, the financer’s disbursements stood at 98.75 bln rupees. Today, shares of REC closed at 344.55 rupees on the National Stock Exchange, down 1.7%.