Mumbai: State-run Rural Electrification Corporation today said its net profit grew 35.91 per cent to Rs 308.79 crore in the second quarter ended September 30 from the corresponding quarter of last fiscal.

The total income rose 32.19 per cent to Rs 1,153.12 crore in the quarter under review, from Rs 872.35 crore in the year-ago period, REC said in a filing to the Bombay Stock Exchange.

For the half-year ended September 30,REC reported a net profit of Rs 581.35 crore, a 45.31 per cent growth over the corresponding period last fiscal. The firm had a net profit of Rs 400.08 crore in the first half of previous fiscal.

During the first six months REC s total income rose to Rs 2,175.90 crore, from Rs 1,668.87 crore in the year-ago period.

REC, which raised Rs 1,640 crore through an initial public offer of 15.62 crore shares, got listed itself on the bourses in March.

REC provides loan assistance to state electricity boards and power utilities for investments in rural electrification schemes.

Shares of REC were trading at Rs 63.10,down 8.15 per cent in the late afternoon trade on the BSE.

Source : PTI