REC Ltd

Rural Electrification Corporation Limited is engaged in other financial services and activities-other Credit granting. The Company provides finance to power sector. It finances and promotes rural electrification projects all over the country. It provides financial assistance to State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects as are sponsored by them.

  • Market Cap: 19,710 Cr.
  • Current Price: 99.80
  • 52 weeks High / Low 169.55 / 78.75
  • Book Value: 186.52
  • Stock P/E: 3.45
  • Dividend Yield: 11.02 %
  • ROCE: 9.21 %
  • ROE: 17.31 %
  • Sales Growth (3Yrs): 2.15 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 10.00
Edit ratios
Pros:
Stock is trading at 0.54 times its book value
Stock is providing a good dividend yield of 11.02%.
Company has been maintaining a healthy dividend payout of 36.36%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 8.15% over past five years.
Company might be capitalizing the interest cost
Promoter holding has decreased over last 3 years: -6.23%

Peer comparison Sector: Finance // Industry: Finance - Term-Lending Institutions

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
Revenue 5,849 5,627 5,602 5,632 5,940 6,317 6,241 5,509 6,672 6,986 7,598 7,651
Interest 3,425 3,187 3,250 3,291 3,618 3,620 3,779 4,082 4,161 4,573 4,715 4,768
668 1,039 358 838 1,345 587 -53 -401 888 313 1,044 539
Financing Profit 1,756 1,401 1,994 1,502 977 2,110 2,515 1,828 1,622 2,101 1,840 2,343
Financing Margin % 30% 25% 36% 27% 16% 33% 40% 33% 24% 30% 24% 31%
Other Income 133 1 1 6 8 2 12 4 14 3 3 2
Depreciation 1 1 1 1 2 2 2 2 2 2 2 2
Profit before tax 1,887 1,401 1,994 1,506 983 2,110 2,526 1,830 1,634 2,102 1,840 2,343
Tax % 30% 23% 29% 27% 15% 30% 30% 30% 23% 29% 29% 30%
Net Profit 1,319 1,076 1,408 1,097 839 1,468 1,765 1,275 1,256 1,501 1,307 1,642
EPS in Rs 6.68 5.45 7.13 6.56 4.25 7.43 8.94 6.45 6.36 7.60 6.62 8.32
Gross NPA % 2.41% 0.00% 0.00% 0.00% 4.01% 0.00% 0.00% 0.00% 0.00% 0.00% 6.86% 0.00%
Net NPA % 1.60% 0.00% 0.00% 0.00% 3.61% 0.00% 0.00% 0.00% 0.00% 0.00% 3.47% 0.00%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
Revenue 3,536 4,882 6,659 8,378 10,503 13,595 17,115 20,384 23,752 23,753 22,461 25,318 28,907
Interest 2,064 2,887 3,896 4,851 6,379 8,084 10,038 11,845 14,283 13,450 13,337 15,642 18,216
160 123 160 165 334 347 547 1,110 1,422 1,454 3,240 1,591 2,784
Financing Profit 1,312 1,872 2,603 3,362 3,790 5,164 6,529 7,430 8,047 8,848 5,884 8,086 7,906
Financing Margin % 37% 38% 39% 40% 36% 38% 38% 36% 34% 37% 26% 32% 27%
Other Income 2 50 49 117 6 3 6 4 4 17 5 22 22
Depreciation 1 1 2 3 3 4 4 7 5 5 6 7 9
Profit before tax 1,312 1,920 2,649 3,476 3,793 5,164 6,531 7,427 8,045 8,861 5,884 8,100 7,919
Tax % 34% 34% 24% 26% 26% 26% 28% 29% 30% 30% 25% 29%
Net Profit 860 1,272 2,001 2,570 2,817 3,818 4,684 5,260 5,628 6,246 4,420 5,764 5,707
EPS in Rs 4.76 7.03 9.62 12.40 13.66 18.66 22.91 25.56 27.29 31.63 22.38 29.18 28.90
Dividend Payout % 30% 30% 32% 29% 26% 21% 20% 20% 30% 31% 41% 38%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.89%
5 Years:8.15%
3 Years:2.15%
TTM:20.41%
Compounded Profit Growth
10 Years:16.31%
5 Years:4.24%
3 Years:0.80%
TTM:6.73%
Stock Price CAGR
10 Years:-3.67%
5 Years:-6.72%
3 Years:-19.02%
1 Year:-34.21%
Return on Equity
10 Years:20.01%
5 Years:18.64%
3 Years:16.92%
Last Year:17.31%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
859 859 987 987 987 987 987 987 987 1,975 1,975 1,975 1,975
Reserves 4,509 5,331 10,093 11,801 13,576 16,467 19,682 23,870 27,630 31,351 30,328 32,328 34,862
Borrowings 34,283 44,936 55,948 70,040 90,056 107,791 126,240 151,024 169,106 167,517 204,439 244,321 263,424
3,264 4,830 2,515 3,684 3,927 5,262 5,943 7,294 8,629 8,393 4,927 19,093 19,314
Total Liabilities 42,914 55,956 69,543 86,513 108,547 130,507 152,853 183,175 206,353 209,236 241,669 297,717 319,575
70 57 67 65 70 71 72 74 119 121 128 162 164
CWIP 8 24 23 3 8 9 10 7 32 60 129 199 249
Investments 1,147 1,005 910 837 758 661 1,708 1,613 2,467 2,696 2,825 2,398 2,398
41,689 54,871 68,544 85,608 107,711 129,767 151,063 181,480 203,736 206,359 238,587 294,959 316,763
Total Assets 42,914 55,956 69,543 86,513 108,547 130,507 152,853 183,175 206,353 209,236 241,669 297,717 319,575

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-6,203 -9,999 -12,695 -12,787 -15,825 -20,066 -17,283 -23,992 -13,205 6,794 -32,778 -36,013
32 137 95 78 140 148 139 245 -740 139 288 585
5,126 10,494 12,104 14,150 18,165 16,091 16,853 23,076 15,150 -4,173 28,236 35,559
Net Cash Flow -1,044 633 -496 1,442 2,480 -3,827 -291 -670 1,206 2,760 -4,254 131

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROE % 18% 22% 23% 22% 21% 24% 25% 23% 21% 20% 13% 17%