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Rural Electrification Corporation posted a marginal increase in net profit at Rs 623 crore during the three months ended September 30, despite strong top line growth. The state-owned lender had reported a net profit of Rs 618 crore in the corresponding period a year ago.
REC's total income in the September quarter jumped nearly 25 per cent to Rs 2,532 crore compared with Rs 2,027 crore in the same period last year.
Interest and finance expenses in the latest quarter jumped to Rs 1,564.87 crore from Rs 1,208.07 crore in the comparable period. This included a one-time upfront fee of over Rs 34 crore paid towards a hike in external commercial syndicated loan, according to a regulatory filing.
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