REC Ltd's net profit rose 13.5% to Rs 3,308.42 crore in Q3 FY24, driven by higher revenues. The company also approved the incorporation of a special purpose vehicle for transmission projects.
New Delhi, Jan 23 (PTI) State-owned REC Ltd on Tuesday posted about a 13.5 per cent rise in its consolidated net profit to Rs 3,308.42 crore for the December 2023 quarter, mainly on the back of higher revenues.
Its consolidated net profit was Rs 2,915.33 crore in the quarter ended December 2022, a BSE filing showed.
The total income rose to Rs 12,071.54 crore in the quarter from Rs 9,795.47 crore in the same period a year ago.
The board, in its meeting on Tuesday, also approved the incorporation of a project-specific special purpose vehicle as a wholly-owned subsidiary of REC Power Development & Consultancy Limited (a wholly-owned subsidiary of REC Ltd) for the selection of a successful bidder as Transmission Service Provider (TSP) for Eastern Region Expansion Scheme- XXXIX project allocated by the Ministry of Power through tariff based competitive bidding process.
Besides, it also approved the sale and transfer of the entire shareholding of six subsidiaries (power transmission projects), presently held by REC Power Development and Consultancy Limited (RECPDCL) to the successful bidders selected through tariff-based competitive bidding process.
RECPDCL is a nodal agency for conducting tariff-based bidding of power transmission projects in the country.
These six projects are Dhule Power Transmission Ltd, Bidar Transmission Ltd, Siker Khetri Transmission Ltd, Pachora Power Transmission Ltd, Karera Power Transmission Ltd and Ishanagar Power Transmission Ltd.
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