REC Surges Over 7% Post Q3 Profit Rise; Targets Rs 1.2 Lakh Crore for Rooftop Solar Panels under PM Suryoday Yojana

24 Jan 2024 , 03:12 PM

REC shares rose 7% on January 24, trading at Rs 466.20 by 10:20 am. PFC (Power Finance Corporation), REC’s parent company, also gained about 4.4%, trading at Rs 413.10. At the time of writing, REC was trading at Rs 466.60 which is a 7.33% hike than previous close.

REC reported a 13.6% increase in Q3FY24 net profit to Rs 3,269.3 crore compared to Rs 2,878 crore in the previous fiscal. Net Interest Income (NII) for the same period increased by 18% to Rs 4,159 crore.

REC plans to lend up to Rs 1,20,000 crore for rooftop solar panels installation under the Pradhan Mantri Suryoday Yojana. The initiative aims to contribute to the government’s target of achieving 10 GW of the 40 GW solar installation goal by 2026.

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