REC Ltd

REC Ltd

₹ 460 -0.96%
26 Feb - close price
About

REC is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution. [1]

Key Points

Services Offered
Loan for Generation Projects - Setting up new power generating stations based on conventional sources and renewable sources of energy.
Loan for Transmission Projects - Evacuation of power from new power generating stations and strengthening/ improvement of existing transmission systems in the designated areas.
Loan for Distribution Projects - Strengthening and improvement of the power sub-transmission and distribution system in the designated areas.
Short-term loans/Medium-term loans - Working capital requirements for purposes like purchase of fuel for power plant, purchase of power, purchase of material and minor equipment, system and network maintenance including repair of transformers, etc. [1]
Infra Finance Co. recently forayed into lending to Infra and Logistics sector. Co. provides loans to Metro, Road and highways, Port Waterways, and Steel Infra developers.[2]

  • Market Cap 1,20,997 Cr.
  • Current Price 460
  • High / Low 524 / 112
  • Stock P/E 9.30
  • Book Value 246
  • Dividend Yield 2.74 %
  • ROCE 9.11 %
  • ROE 20.4 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 20.1% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 30.0%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.8% over past five years.
  • Company might be capitalizing the interest cost
  • Working capital days have increased from 34.5 days to 68.8 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
9,042 9,146 9,506 10,039 10,007 9,580 9,460 9,940 9,695 10,113 10,976 11,576 11,982
789 1,013 1,162 1,130 1,033 1,410 1,146 785 12 -191 213 -573 227
Operating Profit 8,253 8,132 8,345 8,910 8,973 8,170 8,314 9,155 9,683 10,304 10,763 12,149 11,755
OPM % 91% 89% 88% 89% 90% 85% 88% 92% 100% 102% 98% 105% 98%
5 4 5 40 32 21 9 9 17 11 5 14 18
Interest 5,446 5,438 5,589 5,563 5,549 5,353 5,377 5,729 6,135 6,497 7,050 7,350 7,653
Depreciation 2 3 3 5 5 5 6 6 6 6 6 6 6
Profit before tax 2,810 2,696 2,758 3,382 3,452 2,833 2,940 3,429 3,559 3,811 3,712 4,807 4,114
Tax % 19% 23% 19% 19% 20% 19% 17% 20% 19% 21% 20% 22% 21%
2,263 2,070 2,247 2,739 2,773 2,288 2,447 2,728 2,878 3,001 2,961 3,773 3,269
EPS in Rs 8.59 7.86 8.53 10.40 10.53 8.69 9.29 10.36 10.93 11.40 11.24 14.33 12.42
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
10,503 13,595 17,115 20,384 23,752 23,753 22,461 25,318 29,773 35,392 39,169 39,216 44,646
334 347 547 1,110 1,422 1,456 3,240 1,591 3,837 3,152 4,734 1,746 -324
Operating Profit 10,169 13,248 16,568 19,275 22,330 22,297 19,222 23,727 25,936 32,240 34,435 37,470 44,970
OPM % 97% 97% 97% 95% 94% 94% 86% 94% 87% 91% 88% 96% 101%
6 3 6 4 4 19 5 22 54 15 61 30 48
Interest 6,379 8,084 10,038 11,845 14,283 13,450 13,337 15,642 18,997 21,489 22,053 23,738 28,551
Depreciation 3 4 4 7 5 5 6 7 10 10 18 24 24
Profit before tax 3,793 5,164 6,531 7,427 8,045 8,861 5,884 8,100 6,983 10,756 12,425 13,739 16,444
Tax % 26% 26% 28% 29% 30% 30% 25% 29% 30% 22% 19% 20%
2,817 3,818 4,684 5,260 5,628 6,246 4,420 5,764 4,886 8,362 10,046 11,055 13,004
EPS in Rs 10.70 14.50 17.79 19.98 21.37 23.72 16.79 21.89 18.56 31.76 38.15 41.98 49.39
Dividend Payout % 26% 21% 20% 20% 30% 31% 41% 38% 44% 30% 30% 30%
Compounded Sales Growth
10 Years: 11%
5 Years: 12%
3 Years: 10%
TTM: 15%
Compounded Profit Growth
10 Years: 11%
5 Years: 20%
3 Years: 31%
TTM: 26%
Stock Price CAGR
10 Years: 20%
5 Years: 35%
3 Years: 65%
1 Year: 311%
Return on Equity
10 Years: 19%
5 Years: 19%
3 Years: 21%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 987 987 987 987 987 1,975 1,975 1,975 1,975 1,975 1,975 2,633 2,633
Reserves 13,576 16,467 19,682 23,870 27,630 31,351 30,328 32,328 33,102 41,451 49,011 55,046 60,484
90,056 107,791 126,240 151,024 169,106 167,517 204,439 244,321 286,340 329,782 333,102 380,836 419,564
3,927 5,262 5,943 7,294 8,629 8,393 4,927 19,093 25,071 27,025 26,325 26,361 29,778
Total Liabilities 108,547 130,507 152,853 183,175 206,353 209,236 241,669 297,717 346,488 400,233 410,413 464,877 512,460
70 71 72 74 119 121 128 162 162 266 628 641 636
CWIP 8 9 10 7 32 60 129 199 288 336 6 3 7
Investments 758 661 1,708 1,613 2,467 2,696 2,825 2,398 2,313 1,910 2,158 3,138 3,253
107,711 129,767 151,063 181,480 203,736 206,359 238,587 294,959 343,724 397,721 407,621 461,096 508,565
Total Assets 108,547 130,507 152,853 183,175 206,353 209,236 241,669 297,717 346,488 400,233 410,413 464,877 512,460

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-15,825 -20,066 -17,283 -23,992 -13,205 6,794 -32,778 -36,013 -32,448 -43,520 -872 -37,482
140 148 139 245 -740 139 288 585 -136 864 -210 -804
18,165 16,091 16,853 23,076 15,150 -4,173 28,236 35,559 33,919 42,119 68 38,111
Net Cash Flow 2,480 -3,827 -291 -670 1,206 2,760 -4,254 131 1,335 -538 -1,014 -175

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 0 0 0 0 0 0 0 0 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 0 0 0 0 0 0 0
Working Capital Days -93 -157 -105 -154 566 271 2 21 10 -1 35 69
ROCE % 11% 12% 12% 12% 12% 11% 9% 9% 9% 9% 9% 9%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63%
26.75% 26.15% 26.82% 24.85% 24.27% 23.36% 23.41% 21.50% 21.52% 21.90% 20.36% 20.60%
12.28% 12.51% 9.48% 9.94% 9.43% 8.68% 11.95% 12.11% 11.87% 12.02% 14.10% 14.16%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%
8.33% 8.71% 11.06% 12.58% 13.66% 15.32% 11.97% 13.73% 13.93% 13.41% 12.87% 12.55%
No. of Shareholders 3,32,8243,42,0083,31,5463,81,9904,23,5184,67,0245,20,5075,50,0675,76,7595,71,8156,21,5786,89,192

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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