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: 18,831 Cr.
  • Current Price: 95.35
  • 52 weeks High / Low 157.25 / 78.75
  • Book Value: 179.23
  • Stock P/E: 3.55
  • Dividend Yield: 11.54 %
  • ROCE: 8.67 %
  • ROE: 14.22 %
  • Sales Growth (3Yrs): 7.15 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 10.00
Edit ratios
Pros:
Stock is trading at 0.53 times its book value
Stock is providing a good dividend yield of 11.54%.
Company has been maintaining a healthy dividend payout of 40.71%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 7.82% 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 Mar 2020 Jun 2020
Revenue 6,350 6,234 5,534 6,650 7,007 7,653 7,604 7,841 8,447
Interest 3,619 3,779 4,081 4,161 4,571 4,714 4,766 4,940 5,193
608 -18 -380 870 330 1,076 457 2,297 771
Financing Profit 2,123 2,473 1,833 1,619 2,106 1,863 2,380 604 2,483
Financing Margin % 33% 40% 33% 24% 30% 24% 31% 8% 29%
Other Income 2 12 12 24 9 6 9 64 4
Depreciation 2 2 2 2 3 3 3 4 3
Profit before tax 2,123 2,484 1,843 1,641 2,113 1,867 2,386 664 2,484
Tax % 31% 30% 30% 24% 29% 29% 30% 29% 26%
Net Profit 1,472 1,733 1,284 1,253 1,509 1,322 1,667 474 1,845
EPS in Rs 7.45 8.77 6.50 6.34 7.64 6.70 8.44 2.40 9.34
Gross NPA %
Net NPA %
Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
Revenue 4,882 6,667 8,379 10,508 13,634 17,223 20,544 24,125 24,338 22,658 25,408 29,942 31,545
Interest 2,887 3,896 4,851 6,379 8,083 10,035 11,840 14,282 13,462 13,333 15,639 18,991 19,613
126 169 179 346 365 573 1,149 1,680 1,887 3,379 1,702 3,981 4,602
Financing Profit 1,869 2,602 3,349 3,784 5,186 6,615 7,555 8,162 8,989 5,946 8,066 6,969 7,331
Financing Margin % 38% 39% 40% 36% 38% 38% 37% 34% 37% 26% 32% 23% 23%
Other Income 55 80 153 46 4 6 6 4 23 18 33 72 83
Depreciation 1 2 3 3 4 5 8 20 40 7 8 12 12
Profit before tax 1,922 2,681 3,499 3,826 5,186 6,617 7,552 8,147 8,972 5,958 8,090 7,030 7,401
Tax % 34% 25% 26% 26% 26% 28% 29% 30% 30% 25% 29% 29%
Net Profit 1,274 2,022 2,585 2,839 3,833 4,741 5,344 5,691 6,313 4,451 5,741 4,972 5,309
EPS in Rs 7.04 9.73 12.48 13.77 18.73 23.20 25.98 27.07 31.97 22.54 29.07 25.18 26.88
Dividend Payout % 30% 32% 29% 26% 21% 20% 20% 30% 30% 41% 38% 44%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.21%
5 Years:7.82%
3 Years:7.15%
TTM:24.07%
Compounded Profit Growth
10 Years:9.42%
5 Years:-1.43%
3 Years:-7.64%
TTM:-8.13%
Stock Price CAGR
10 Years:-5.72%
5 Years:-6.56%
3 Years:-17.10%
1 Year:-24.86%
Return on Equity
10 Years:19.08%
5 Years:16.99%
3 Years:14.92%
Last Year:14.22%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Corp Actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
859 987 987 987 987 987 987 987 1,975 1,975 1,975 1,975
Reserves 5,335 10,117 11,840 13,636 16,543 19,816 24,085 27,906 31,696 30,613 32,571 33,422
Borrowings 44,936 55,948 70,040 90,058 107,762 126,173 150,979 169,212 167,852 204,367 244,249 286,289
4,832 2,542 3,703 3,947 5,277 5,968 7,404 8,840 8,723 5,416 19,659 25,345
Total Liabilities 55,962 69,594 86,570 108,629 130,570 152,944 183,456 206,945 210,245 242,370 298,454 347,030
57 67 66 71 72 73 110 254 355 132 165 166
CWIP 27 27 3 8 9 10 10 78 166 129 199 288
Investments 1,005 910 837 733 638 1,690 1,596 2,352 2,617 2,948 2,463 2,386
54,874 68,590 85,665 107,817 129,851 151,170 181,740 204,261 207,108 239,162 295,627 344,190
Total Assets 55,962 69,594 86,570 108,629 130,570 152,944 183,456 206,945 210,245 242,370 298,454 347,030

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-9,997 -12,681 -12,757 -15,825 -20,059 -17,244 -23,898 -13,278 6,805 -32,510 -35,866 -32,712
135 83 79 140 152 136 151 -756 -101 46 457 121
10,494 12,104 14,150 18,166 16,059 16,815 23,098 15,291 -3,947 28,244 35,543 33,926
Net Cash Flow 633 -494 1,473 2,481 -3,847 -293 -649 1,257 2,757 -4,220 134 1,336

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROE % 22% 23% 22% 21% 24% 25% 23% 21% 20% 13% 17% 14%

Shareholding pattern in percentages

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
58.86 58.32 58.32 57.95 57.99 52.85 52.63 52.63 52.63 52.63 52.63 52.63
24.40 23.57 23.19 22.11 21.66 23.53 25.30 27.05 28.93 28.78 26.99 26.59
7.49 8.93 8.65 10.12 10.20 13.76 13.89 12.54 10.43 10.94 12.01 12.48
9.25 9.18 9.84 9.83 10.15 9.86 8.17 7.78 8.00 7.64 8.36 8.30