REC Q4 net profit grows 33% to Rs 3,065.37 crore

REC
  • State-owned REC Ltd reported a 33% increase in consolidated net profit to Rs 3,065.37 crore in the March quarter of FY 2022-23.
  • The company’s total income for the quarter rose to Rs 10,254.63 crore, while total expenses decreased to Rs 6,353.40 crore.
  • For the entire FY23, the net profit was Rs 11,166.98 crore, up from Rs 10,035.70 crore in FY22, and the income increased to Rs 39,520.16 crore.
  • REC Ltd approved the incorporation of project-specific special purpose vehicles (SPVs) as wholly owned subsidiary companies of RECPDCL for four interstate transmission projects.
  • Hemant Kumar was appointed as the Chief Compliance Officer of REC Ltd for a three-year term, effective from May 6, 2023.
  • REC Ltd is a non-banking finance company under the Ministry of Power, focused on power sector financing and development in India.