REC Q3FY24 net profit surges by 13.6% to Rs 3,269.3 crore

REC, a subsidiary of Power Finance Corporation (PFC), delivered impressive financial results for the third quarter of FY24, showcasing a robust 13.6% growth in net profit, reaching Rs 3,269.3 crore. The company’s net interest income (NII) for the same period stood at approximately Rs 4,159 crore, marking an 18% increase compared to the previous fiscal.

In response to these positive financial outcomes, REC experienced a notable surge of over 7% in its shares during early trades on January 24. As of 10:20 am, the stock was trading at Rs 466.20. Similarly, PFC shares witnessed a gain of around 4.4%, reaching Rs 413.10.

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Being a Maharatna power finance company, REC is set to play a pivotal role in supporting the installation of rooftop solar panels under the Pradhan Mantri Suryoday Yojana. The company aims to lend up to Rs 1,20,000 crore for this initiative, aligning with the government’s target of achieving 10 GW out of the 40 GW set for the period until 2026.

As REC continues to demonstrate financial resilience and strategic initiatives, investor confidence remains high, contributing to the positive momentum in its stock value. With a focus on sustainable and impactful projects, REC’s involvement in the Pradhan Mantri Suryoday Yojana reflects its commitment to fostering renewable energy solutions and supporting the nation’s ambitious solar targets.