REC reported 62.16% fall in consolidated net profit to Rs 473.99 crore on 18.45% rise in total income to Rs 7,905.34 crore in Q4 March 2020 over Q4 March 2019.
The announcement was made after market hours yesterday. Shares of REC fell 1.35% to end at Rs 106 on Wednesday.
Meanwhile, the company's board of directors approved incorporation of two project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC Transmission Projects Company for development of intra-state transmission work in Madhya Pradesh, through tariff based competitive bidding, allocated by Government of Madhya Pradesh.
REC is a Navratna company under the Ministry of Power. The company is a leading infrastructure finance company. Its business activities involve financing projects in the complete power sector value chain, be it generation, transmission or distribution.
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