REC net profit drops 62% to Rs 474 cr in Mar qtr

State-owned REC on Wednesday said it has raised USD 500 million (around Rs 3,773 crore) through issuance of overseas bonds.
issuance of overseas bonds

New Delhi, Jun 17 (PTI) State-run non-banking lender REC on Wednesday posted a 62 per cent drop in its consolidated net profit to Rs 474 crore in the January-March quarter.

Its net profit was Rs 1,252.66 crore in the corresponding quarter a year ago, a BSE filing said.

Total income in the quarter under review rose to Rs 7,903.56 crore from Rs 6,663.83 crore a year earlier.

For the entire fiscal (2019-20), its consolidated net profit stood at Rs 4,972.27 crore, compared with Rs 5,741.38 crore in 2018-19.

Total income for the fiscal was Rs 30,007.05 crore as against Rs 25,431.33 crore in 2018-19.

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