State-run Rural Electrification Corporation has declared its first quarter financial results for the fiscal year 2010-11. As per the report it has managed to register a significant net profit rise in the quarter under review.

Rural Electrification Corporation has posted a profit after tax of Rs 587.36 crore for the quarter that ended in 30th June, 2010.

The net profit was reported to be Rs 471.82 crore during the same period of time in the previous year. 

This net profit figure has grown up by 24% in this quarter as compared to the corresponding quarter in the last fiscal. This has been informed by REC in a filing at the Bombay Stock Exchange. 

The net profit of the company in this period of time was reported to be Rs 1,899.59 crore during the April-June quarter of fiscal year 2010-11 which has gone up from Rs 1,460.87 crore from the same quarter in the preceding year.  The company has also said that power is sector is growing in this country and it has planned to set up several new projects soon.