REC's Net Profit Surges 33% to Rs. 4,079 Crore in Q4 FY23

REC Ltd., India's state-run power finance company, reported a 33% rise in net profit to Rs 4,079 crore for Q4 FY24, driven by higher income. The company's annual net profit also surged by 27% to Rs 14,145 crore. Total income increased to Rs 47,571 crore in FY24, up from Rs 39,520 crore in FY23. The increase in both income and net profit demonstrates REC Ltd.'s continued growth in power sector financing and development.

State-owned REC Ltd on Tuesday posted a 33 per cent rise in its consolidated net profit to Rs 4,079.09 crore during the March quarter on account of higher income.

The company had clocked a net profit of Rs 3,065.37 crore during the January-March quarter preceding FY 2022-23, REC said in a regulatory filing.

The company's total income during the fourth quarter rose to Rs 12,706.66 crore from Rs 10,254.63 crore in the year-ago period.

Total expenses were Rs 7,477.18 crore in the March quarter as against Rs 6,353.40 crore.

For the entire FY24, the company's net profit was Rs 14,145.46 crore, up from Rs 11,166.98 crore in FY23.

The income also rose to Rs 47,571.23 crore in FY24 compared to Rs 39,520.16 crore a year earlier.

REC Ltd, under the Ministry of Power, is a non-banking finance company focusing on power sector financing and development across India.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)