REC posted its business update for the quarter ended September on Thursday afternoon.

What Happened: The state-run power financier reported loan disbursements of ₹47,303 crore in Q2, reflecting a 13.71% year-on-year increase compared to ₹41,598 crore disbursed in the same period last year. Renewable energy loans jumped 37.35% year-on-year, reaching ₹5,946 crore in the second quarter.

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For the half-year period ending September 30, 2024, REC disbursed a total of ₹90,955 crore in loans, up 20.10% compared to the same period last year. Renewable energy loans almost doubled compared to last year’s figures at ₹11,297 crore for the half-year.

During the June quarter, REC's net profit increased by 14.7% year-on-year to ₹3,442.5 crore, while its Net Interest Income (NII) saw a robust 31.5% growth, reaching ₹4,479.2 crore. However, REC made provisions worth ₹472.6 crore during the June quarter, a reversal from the ₹319.5 crore provision write-back in the same period last year.

Price Action: REC’s share price ended 3.43% lower at ₹537.70 on Thursday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.