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REC Q2 results: Net profit jumps 66% to Rs 2,197 crore

PTI     November 7, 2020

State-owned REC on Friday posted over 66 per cent jump in its consolidated net profit to Rs 2,197.14 crore for the September 2020 quarter. Its consolidated net profit had stood at Rs 1,322.47 crore in the corresponding quarter of the previous financial year, according to a BSE filing.

The company's total income during July-September 2020 rose to Rs 8,822.10 crore, from Rs 7,659.30 crore in the year-ago period.

Its board also approved the payment of an interim dividend of Rs 6 per equity share for 2020-21.

The company said the current crisis will not significantly impact the company's ability to maintain its operations, including the going concern assessment, it said. This is on account of the resurgence in the business and commercial activity, REC's liquidity position and access to diverse sources of funds, the firm added.

However, it said the impact will continue to be dependent on future developments, which are uncertain, including the COVID-19 pandemic situation.

Also read: Despite cash infusion, discoms' dues to power companies near record high at Rs 1.33 lakh crore

Also read: NTPC share price falls over 6% post Q2 earnings


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