Maharatna PSU reports robust results in Q4; net profit rises by 33%
Shares of this company have delivered returns of over 40% in one year.
On Wednesday, REC Ltd reported a 33.20% rise in its net profit on a consolidated basis, at Rs 3065.37 crore for Q4FY23 as compared to Rs 2301.33 crore for the same quarter in the previous year and a 5.15% increase sequentially. The net sales of the company increased by 5.54% to Rs 10,104.49 crore as compared to Rs 9,574.28 crore and sequentially increased by 4.27%. The total income of the company increased by 6.20% at Rs 10254.63 crore for Q4FY23 as compared to Rs 9655.99 crore for the corresponding quarter previous year.
REC (formerly Rural Electrification Corporation Limited) came into being in 1969 to articulate a response to the pressing exigencies of the nation. The company is a Maharatna company under the Ministry of Power. The company fund its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings, on its own.
The company is a leading infrastructure finance company. The company’s business activities involve financing projects in the complete power sector value chain, be it generation, transmission, or distribution. The company provide financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives, and private sector utilities through its extensive network of many offices across the country.
Share price movement
Today, the shares of REC Ltd opened at Rs 133.50 and have touched a high and low of Rs 134.25 and Rs 131.25, respectively. So far 5,84,218 shares have been traded on the bourses.
At the time of writing, the shares of REC Ltd were trading at Rs 131.30, a decrease of 1.61% from the previous day’s closing price of Rs 133.15 on BSE. The stock has a 52-week high and low of Rs 140.80 and Rs 82.28, respectively on BSE.
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