Moneycontrol
Aug 11, 2017 06:35 PM IST | Source: PTI

REC Q1 net profit down 8.42% at Rs 1,301.14 crore

State-run Rural Electrification Corp's (REC) net profit dipped 8.42 percent to Rs 1,301.14 crore in the quarter ended June, due to lower interest income.

REC Q1 net profit down 8.42% at Rs 1,301.14 crore

State-run Rural Electrification Corp's (REC) net profit dipped 8.42 percent to Rs 1,301.14 crore in the quarter ended June, due to lower interest income.

The company's net profit was Rs 1,420.86 crore in the quarter ended June 30, 2016, REC said in a BSE filin.

According to a statement, the REC's interest income decreased to Rs 5,463.23 crore in the quarter under review from Rs 5,889.52 crore in the year-ago period.

Total income of the company also declined to Rs 5,662.16 crore in the quarter ended June 2017 from Rs 6,050.73 crore in the corresponding quarter last year.

The company's main business is to provide finance to power sector.

Shares of the company ended 0.92 percent up at Rs 165.3 on BSE.
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