REC Q3 beats forecast, profit up 33% to Rs 1,027 cr

State-owned Rural Electrification Corporation (REC) pleased the street on Monday with the net profit growing 33.3 percent year-on-year - higher than expected - to Rs 1,026.6 crore in the third quarter of financial year 2012-13.

Net interest income rose by 40.4 percent - better than expected - to Rs 1,430.3 crore from Rs 1,019 crore during the same period.

Analysts on an average were expecting net profit at Rs 955 crore and net interest income of Rs 1,352 crore for the quarter.

REC posted a foreign exchange loss at Rs 22 crore in the third quarter as against gain of Rs 86.6 crore in a year ago period.

Shares shot up 4.69 percent to close at Rs 247.95 amid hefty volumes on Bombay Stock Exchange.

Trading volumes increased 4 times to 5,30,076 equity shares as against five day average of 1,28,326 shares.