State Owned Rural Electrification Corporation Profit Down By 30% To Rs 1,212 Cr
Net profit of state-owned Rural Electrification Corporation (REC) declined by 30 per cent to Rs 1,212.66 crore in the quarter ended September 30, 2017. The profit posted is far below analysts' estimates falling in the range of Rs 1,500-1530 crore.
The standalone net profit of the company stood at Rs 1,751.27 crore in the same quarter year before.
According to the company’s BSE filings, the total revenue of the company declined 7.8 per cent year-on-year to Rs 5,493 crore in Q2 from Rs 5,956 crore in the same period last fiscal.
The total expenses of the company rose by 3 per cent, since last year quarter.
The interest income, which forms the main part of company’s revenue, declined to Rs 5,371.05 crore in the September quarter from Rs 5,755.86 crore in the year-ago period.
The company's half yearly profit till September 30, 2017 also dropped to Rs 2,515.80 crore from Rs 3,172.13 crore in the corresponding quarter last year. Similarly, total revenues declined to Rs 11,289.87 crore from Rs 12,159.28 crore in the same period previous fiscal.
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