REC quarterly profit surges to Rs 954 crore
New Delhi: State-run Rural Electrification Corp on Saturday reported a nearly 53 percent jump in profit after tax at Rs 954 crore in the three months ended September 2012.
The company, which mainly provides loans for various power projects, had a profit after tax of Rs 624 crore in the same period a year ago.
In the second quarter of current fiscal, REC's total income shot up to Rs 3,314 crore from Rs 2,570 crore in the year-ago period, according to a press release.
"The loan asset book as on September 30, 2012 has increased to Rs 1,11,965 crore and the outstanding borrowings is Rs 95,092 crore," it said.
For the six months ended September 2012, the company's earnings per share stood at Rs 18.54 per share while its net worth has increased to Rs 16,576 crore.
REC provides loans to state electricity boards, power utilities, state governments, rural electric cooperatives, NGOs and private power developers.