REC Ltd has reported ₹435.71-crore net profit for the fourth quarter of FY20. This is lower than ₹1,256.13-crore net profit reported in the same quarter of the previous financial year, a company statement said.
Total income for the quarter under review was ₹7,894.68 crore, up from ₹6,624.22 crore in the same period of the previous fiscal.
During the year ended March 31, total income of the company increased 18 per cent to ₹29,855 crore, against ₹25,341 crore for FY19. Net interest income was 15 per cent higher at ₹10,425 crore for FY20.
“Despite healthy operational performance, profit was impacted due to sharp depreciation in the Indian currency during the fourth quarter of 2019-20 owing to the volatility in global financial markets caused by the Covid-19 outbreak. This led the company to end the year with net profit of ₹4,886 crore,” the statement said.
The loan book grew 15 per cent from ₹2.81 lakh crore as on March 31, 2019 to ₹3.22 lakh crore as on March 31, 2020. Despite the economic disruptions during the last few days of the financial year, the company disbursed loans amounting to ₹6,474 crore during the period from March 17 to March 31, 2020, while ending the year with disbursements of ₹75,667 crore.