REC Q1 net rises 13

8220;Helped by better financial management as well as improved margins,our profit increased in the June quarter,8221; REC Chairman and Managing Director H D Khunteta told reporters on Wednesday.

The entity8217;s total income rose 23 per cent to Rs 2,373 crore in the 2011 June quarter. In the year-ago period,REC had raked in a total income of Rs 1,929 crore. The results are on a standalone basis and are unaudited. In the three months ended June,the company8217;s loan disbursement rose 18 per cent to Rs 5,481 crore as compared to the same period a year ago.

The company8217;s overall loan assets increased 24 per cent to Rs 85,825 crore in the first three months of current fiscal. In comparable period,the same was at Rs 69,217 crore. 8220;We expect our profits to grow about 15 to 20 per cent in the current fiscal,8221; Khunteta said. Noting that there has been no default on loans so far,he said the company looks to raise funds at cheaper rates. REC aims to mop up about Rs 28,000 to 30,000 crore over 6 billion in the current fiscal and out of the total amount,around 1.5 billion would be raised from overseas markets. REC8217;s net worth rose to Rs 13,451 crore in the 2011 June quarter.