REC Ltd on Friday reported a nearly five-fold increase in net profit for the fourth quarter ended March 31 at ₹2,070 crore on a year-on-year basis.
Consolidated net profit for 2020-21 grew 69 per cent to ₹8,738 crore. The total annual revenue grew 19 per cent to ₹35,575 crore, the firm said in a statement.
As of May 15, around a year since the Atmanirbhar Bharat liquidity package announcement for power distribution companies, REC has sanctioned and disbursed ₹67,083 crore and ₹40,766 crore under the package, respectively.
Considering REC’s comfortable liquidity position and access to a diverse source of funds, there are no reasons to believe that the current second wave of Covid will have any significant adverse impact on the company’s operations, the statement added.
Fitch Ratings on Wednesday affirmed a BBB- investment-grade rating for REC as well as parent firm Power Finance Corporation Ltd, with a negative outlook in line with that on the India sovereign.