REC powers Q4 net by 14% to `1,319 cr
Rural Electrification Corporation (REC) on Tuesday reported a net profit of Rs 1,319.23 crore on a standalone basis in the fourth quarter ended March 31, up 14 per cent from Rs 1160.03 crore in the same period last year.
Total standalone revenues for the quarter under consideration was marginally lower at Rs 5,978.32 as compared to Rs 6,084.47 in the January-March quarter in 2016.
For the financial year 2016-17, the company reported a consolidated net profit of Rs 6313.37 crore, up 11 per cent from Rs 5,691.42 crore last fiscal. The total consolidated revenues stood at Rs 24,686 crore for the financial year, up 2.3 per cent from Rs 24,129.93 crore last fiscal.
"The power sector is going through a transformation due to the number of government initiatives to achieve its target of affordable, 24/7 power for all by 2021-22," REC chairman and MD, PV Ramesh said here.
"Demand is growing consistently at an average of 7-10 per cent. The installed capacity is expected to grow to 540 gigawatts from 327 gigawatts currently, which requires a financing of about Rs 10.3 lakh crore in five years."
During the year, REC had sanctioned Rs 83,871 crore of loans and Rs 50,000 crore was in transmission and distribution (T&D) in tune with the government's condition that the biggest bottleneck is in T&D, he said. pti