REC Q4 results: Co reports multifold jump in net profit at Rs 2,077 crore

NEW DELHI: State-owned REC's consolidated net profit jumped multifold to Rs 2,077.84 crore in the March 2021 quarter, mainly on the back of higher revenues. The company's consolidated net profit had stood at Rs 473.99 crore in the quarter ended on March 31, 2021, according to a BSE filing.

Its total income in January-March 2021 rose to Rs 9,215.76 crore, compared with Rs 7,785.59 crore in the year-ago period.

For the full financial year 2020-21, the firm's consolidated net profit stood at Rs 8,378.24 crore; compared with Rs 4,972.27 crore in 2019-20.


REC's total income in the fiscal stood at Rs 35,575.40 crore, against Rs 29,981.20 crore in the previous financial year.

On the pandemic, it said there are no reasons to believe that the current crisis will have any significant impact on the company's ability to maintain its operations including the going-concern assessment.

It also said that under the liquidity infusion package for power distribution companies (discoms), it sanctioned and disbursed Rs 67,083 crore and Rs 40,766 crore, respectively, as of May 15, 2021.

In May last year, the government had announced a liquidity infusion package of Rs 90,000 crore for discoms, which was increased to Rs 1,35,000 crore later. This is jointly and equally provided by Power Finance Corporation and REC Ltd.