REC gained 3.69% to Rs 109.65 after the consolidated net profit rose 22.29% to Rs 1,845.30 crore on 20.44% rise in total income to Rs 8,450.36 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax came at Rs 2,483.89 crore in Q1 June 2020, rising 17.6% from Rs 2,112.58 crore in Q1 June 2019. Total tax expenses rose 6% year on year to Rs 638.59 crore in Q1 June 2020.
Commenting on COVID-19 impact, REC said that it continues to leverage digital technology for review & monitoring. information-sharing and knowledge management to continue the business operations without any significant disruptions due to lockdown.
The board of directors of REC approved the proposal of raising of funds through issue of unsecured/secured non-convertible bonds/debentures through Private Placement, upto an amount of Rs 85,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the ensuing Annual General Meeting.
Rural Electrification Corporation (REC) is a Navratna Central Public Sector Enterprise under the Ministry of Power. The company is engaged in the financing and promotion of transmission, distribution and generation projects throughout India.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)