CORPORATE CORNER REC Q3 profit surges 35 pc to Rs 2, 258 cr

State-owned REC on Thursday posted over 35 per cent jump in consolidated net profit at Rs 2,257.96 crore for December quarter 2020-21 on the back of higher revenues. The net profit in the yearago period was Rs 1,666.81 crore, REC said in a BSE filing. Total income rose to Rs 9,089.46 crore in the quarter from Rs 7,716.72 crore in the same period a year ago. Talking about the results, Mr. Sanjay Malhotra, Chairman and Managing Director, said, “The Company has been resilient during the challenging times, consistently posting all-time high profits for three quarters consecutively. With rebound in the economic activity leading to rebound in the power consumption levels, we continue to remain optimistic over future outlook of the power sector. The reforms-based result-linked distribution sector scheme announced in the Union Budget with expected outlay of more than Rs. 3 lakh crores over 5 years is also expected to be positive for the entire power sector value chain.”