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: 17,488 Cr.
  • Current Price: 88.50
  • 52 weeks High / Low 169.55 / 78.75
  • Book Value: 187.88
  • Stock P/E: 3.04
  • Dividend Yield: 12.43 %
  • ROCE: 9.20 %
  • ROE: 17.11 %
  • Sales Growth (3Yrs): 1.74 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 10.00
Edit ratios
Pros:
Stock is trading at 0.47 times its book value
Stock is providing a good dividend yield of 12.43%.
Company has been maintaining a healthy dividend payout of 36.21%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 8.09% 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 Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
Revenue 6,350 6,234 5,534 6,711 7,007 7,653 7,713
Interest 3,619 3,779 4,081 4,161 4,571 4,714 4,766
608 -18 -380 932 330 1,076 564
Financing Profit 2,123 2,473 1,833 1,619 2,106 1,863 2,382
Financing Margin % 33% 40% 33% 24% 30% 24% 31%
Other Income 2 12 12 24 9 6 7
Depreciation 2 2 2 2 3 3 3
Profit before tax 2,123 2,484 1,843 1,641 2,113 1,867 2,386
Tax % 31% 30% 30% 24% 29% 29% 30%
Net Profit 1,472 1,733 1,284 1,253 1,509 1,322 1,667
EPS in Rs 7.45 8.77 6.50 6.34 7.64 6.70 8.44
Gross NPA % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net NPA % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Notes Notes Notes Notes Notes Notes Notes

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

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 6,667 8,379 10,508 13,634 17,223 20,544 24,125 24,338 22,658 25,408 29,084
Interest 2,064 2,887 3,896 4,851 6,379 8,083 10,035 11,840 14,282 13,462 13,333 15,639 18,212
161 126 169 179 346 365 573 1,149 1,680 1,887 3,379 1,702 2,902
Financing Profit 1,311 1,869 2,602 3,349 3,784 5,186 6,615 7,555 8,162 8,989 5,946 8,066 7,970
Financing Margin % 37% 38% 39% 40% 36% 38% 38% 37% 34% 37% 26% 32% 27%
Other Income 5 55 80 153 46 4 6 6 4 23 18 33 47
Depreciation 1 1 2 3 3 4 5 8 20 40 7 8 10
Profit before tax 1,315 1,922 2,681 3,499 3,826 5,186 6,617 7,552 8,147 8,972 5,958 8,090 8,007
Tax % 34% 34% 25% 26% 26% 26% 28% 29% 30% 30% 25% 29%
Net Profit 862 1,274 2,022 2,585 2,839 3,833 4,741 5,344 5,691 6,313 4,451 5,741 5,751
EPS in Rs 4.77 7.04 9.73 12.48 13.77 18.73 23.20 25.98 27.07 31.97 22.54 29.07 29.12
Dividend Payout % 30% 30% 32% 29% 26% 21% 20% 20% 30% 30% 41% 38%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.93%
5 Years:8.09%
3 Years:1.74%
TTM:12.13%
Compounded Profit Growth
10 Years:16.25%
5 Years:3.90%
3 Years:0.29%
TTM:29.01%
Stock Price CAGR
10 Years:-4.33%
5 Years:-9.86%
3 Years:-22.92%
1 Year:-38.78%
Return on Equity
10 Years:20.03%
5 Years:18.62%
3 Years:16.85%
Last Year:17.11%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 4,511 5,335 10,117 11,840 13,636 16,543 19,816 24,085 27,906 31,696 30,613 32,571 35,129
Borrowings 34,283 44,936 55,948 70,040 90,058 107,762 126,173 150,979 169,212 167,852 204,367 244,249 263,329
3,265 4,832 2,542 3,703 3,947 5,277 5,968 7,404 8,840 8,723 5,416 19,659 19,762
Total Liabilities 42,917 55,962 69,594 86,570 108,629 130,570 152,944 183,456 206,945 210,245 242,370 298,454 320,195
70 57 67 66 71 72 73 110 254 355 132 165 169
CWIP 8 27 27 3 8 9 10 10 78 166 129 199 249
Investments 1,147 1,005 910 837 733 638 1,690 1,596 2,352 2,617 2,948 2,463 2,469
41,692 54,874 68,590 85,665 107,817 129,851 151,170 181,740 204,261 207,108 239,162 295,627 317,308
Total Assets 42,917 55,962 69,594 86,570 108,629 130,570 152,944 183,456 206,945 210,245 242,370 298,454 320,195

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-6,200 -9,997 -12,681 -12,757 -15,825 -20,059 -17,244 -23,898 -13,278 6,805 -32,510 -35,866
32 135 83 79 140 152 136 151 -756 -101 46 457
5,126 10,494 12,104 14,150 18,166 16,059 16,815 23,098 15,291 -3,947 28,244 35,543
Net Cash Flow -1,042 633 -494 1,473 2,481 -3,847 -293 -649 1,257 2,757 -4,220 134

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 22% 23% 22% 21% 24% 25% 23% 21% 20% 13% 17%