REC profit jumps 24% to Rs 587 cr on rising demand
The robust growth in the country’s power sector led to a 24% jump in profit after tax (PAT) of the state-run Rural Electrification Corporation to Rs 587.4 crore for the three-month period ended June 30, 2010.
By ET Bureau |
NEW DELHI: The robust growth in the country’s power sector led to a 24% jump in profit after tax (PAT) of the state-run Rural Electrification Corporation to Rs 587.4 crore for the three-month period ended June 30, 2010, compared with Rs 471.8 crore in the year-ago period.
“The power sector is growing and, therefore, there is an increase in demand for loans for setting up projects,” said JM Phatak CMD, REC.
The total income of the company rose to Rs 1,899.6 crore from Rs 1,460.9 crore in the year-ago period. REC plans to raise up to Rs 2,000 crore through the issuance of infrastructure bonds, and is awaiting RBI’s approval for the same.
“We plan to raise Rs 1,500-2,000 crore from infrastructure bonds, and are waiting for the RBI approval,” Mr Phatak said, adding that the money may be raised around October this year.
“The power sector is growing and, therefore, there is an increase in demand for loans for setting up projects,” said JM Phatak CMD, REC.
The total income of the company rose to Rs 1,899.6 crore from Rs 1,460.9 crore in the year-ago period. REC plans to raise up to Rs 2,000 crore through the issuance of infrastructure bonds, and is awaiting RBI’s approval for the same.
“We plan to raise Rs 1,500-2,000 crore from infrastructure bonds, and are waiting for the RBI approval,” Mr Phatak said, adding that the money may be raised around October this year.
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