Rising demand in the power sector of the country has propelled the state-run Rural Electrification Corporation to register an impressive net profit figure for the first quarter of the financial year 2010-11.

The company has announced its first quarter financial results for the current fiscal year.

According to the financial report, the company has registered a profit after tax (PAT) of Rs 587.4 crore for the quarter that ended in 30th June, 2010. The PAT figure Rs 471.8 crore in the same quarter in the previous year.

The total income of the company has gone up Rs 1,899.6 crore during the April-June quarter of fiscal year 2010-11 which was Rs 1,460.9 crore for the same quarter in the preceding year.

CMD of REC, JM Phatak has informed that there has been a huge growth in the power sector in India. This has been deflected in the quarterly report of the company. There has been an impressive rise in demand for loans to set up new projects of the company in this period of time.