REC Ltd
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]
- Market Cap ₹ 90,293 Cr.
- Current Price ₹ 343
- High / Low ₹ 351 / 108
- Stock P/E 7.09
- Book Value ₹ 241
- Dividend Yield 3.67 %
- ROCE 9.14 %
- ROE 20.4 %
- Face Value ₹ 10.0
Pros
- Stock is providing a good dividend yield of 3.67%.
- Company has delivered good profit growth of 20.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 29.9%
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 33.5 days to 67.6 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.
Peer comparison
Sector: Finance Industry: Finance - Term-Lending Institutions
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
10,508 | 13,634 | 17,223 | 20,544 | 24,125 | 24,338 | 22,658 | 25,408 | 29,942 | 35,557 | 39,276 | 39,486 | 42,801 | |
346 | 365 | 572 | 1,149 | 1,680 | 1,888 | 3,379 | 1,702 | 3,981 | 3,292 | 4,838 | 1,858 | -280 | |
Operating Profit | 10,162 | 13,270 | 16,650 | 19,395 | 22,445 | 22,450 | 19,279 | 23,705 | 25,961 | 32,265 | 34,438 | 37,628 | 43,081 |
OPM % | 97% | 97% | 97% | 94% | 93% | 92% | 85% | 93% | 87% | 91% | 88% | 95% | 101% |
46 | 4 | 6 | 6 | 4 | 24 | 18 | 33 | 72 | 15 | 62 | 28 | 43 | |
Interest | 6,379 | 8,083 | 10,035 | 11,840 | 14,282 | 13,462 | 13,333 | 15,639 | 18,991 | 21,489 | 22,051 | 23,733 | 27,029 |
Depreciation | 3 | 4 | 5 | 8 | 20 | 40 | 7 | 8 | 12 | 11 | 18 | 24 | 24 |
Profit before tax | 3,826 | 5,186 | 6,617 | 7,552 | 8,147 | 8,972 | 5,958 | 8,090 | 7,030 | 10,780 | 12,431 | 13,898 | 16,070 |
Tax % | 26% | 26% | 28% | 29% | 30% | 30% | 25% | 29% | 29% | 22% | 19% | 20% | |
2,839 | 3,833 | 4,741 | 5,344 | 5,691 | 6,313 | 4,451 | 5,741 | 4,972 | 8,378 | 10,036 | 11,167 | 12,739 | |
EPS in Rs | 10.78 | 14.56 | 18.01 | 20.30 | 21.61 | 23.98 | 16.90 | 21.80 | 18.88 | 31.82 | 38.11 | 42.41 | 48.37 |
Dividend Payout % | 26% | 21% | 20% | 20% | 30% | 30% | 41% | 38% | 44% | 30% | 30% | 30% |
Compounded Sales Growth | |
---|---|
10 Years: | 11% |
5 Years: | 12% |
3 Years: | 10% |
TTM: | 9% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 20% |
3 Years: | 31% |
TTM: | 24% |
Stock Price CAGR | |
---|---|
10 Years: | 15% |
5 Years: | 36% |
3 Years: | 56% |
1 Year: | 211% |
Return on Equity | |
---|---|
10 Years: | 19% |
5 Years: | 19% |
3 Years: | 21% |
Last Year: | 20% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 13,636 | 16,543 | 19,816 | 24,085 | 27,906 | 31,696 | 30,613 | 32,571 | 33,422 | 41,789 | 49,339 | 55,487 | 60,949 |
90,058 | 107,762 | 126,173 | 150,979 | 169,212 | 167,852 | 204,367 | 244,249 | 286,289 | 329,723 | 333,043 | 380,790 | 419,517 | |
3,947 | 5,277 | 5,968 | 7,404 | 8,840 | 8,723 | 5,416 | 19,659 | 25,345 | 27,380 | 26,503 | 26,592 | 30,082 | |
Total Liabilities | 108,629 | 130,570 | 152,944 | 183,456 | 206,945 | 210,245 | 242,370 | 298,454 | 347,030 | 400,867 | 410,860 | 465,503 | 513,181 |
71 | 72 | 73 | 110 | 254 | 355 | 132 | 165 | 166 | 267 | 628 | 641 | 636 | |
CWIP | 8 | 9 | 10 | 10 | 78 | 166 | 129 | 199 | 288 | 336 | 6 | 3 | 7 |
Investments | 733 | 638 | 1,690 | 1,596 | 2,352 | 2,617 | 2,948 | 2,463 | 2,386 | 1,981 | 2,190 | 3,170 | 3,287 |
107,817 | 129,851 | 151,170 | 181,740 | 204,261 | 207,108 | 239,162 | 295,627 | 344,190 | 398,282 | 408,035 | 461,689 | 509,251 | |
Total Assets | 108,629 | 130,570 | 152,944 | 183,456 | 206,945 | 210,245 | 242,370 | 298,454 | 347,030 | 400,867 | 410,860 | 465,503 | 513,181 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
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 | -20,059 | -17,244 | -23,898 | -13,278 | 6,805 | -32,510 | -35,866 | -32,712 | -43,512 | -819 | -37,360 | |
140 | 152 | 136 | 151 | -756 | -101 | 46 | 457 | 121 | 861 | -287 | -943 | |
18,166 | 16,059 | 16,815 | 23,098 | 15,291 | -3,947 | 28,244 | 35,543 | 33,926 | 42,113 | 68 | 38,123 | |
Net Cash Flow | 2,481 | -3,847 | -293 | -649 | 1,257 | 2,757 | -4,220 | 134 | 1,336 | -538 | -1,038 | -180 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 1 | 1 | 1 | 2 | 4 | 7 | 2 | 2 | 1 | 1 | 1 | 1 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 1 | 1 | 1 | 2 | 4 | 7 | 2 | 2 | 1 | 1 | 1 | 1 |
Working Capital Days | -92 | -156 | -103 | -152 | 560 | 268 | -3 | 16 | 9 | -2 | 35 | 68 |
ROCE % | 11% | 12% | 12% | 12% | 12% | 11% | 9% | 9% | 9% | 9% | 9% | 9% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Credit Rating
1d - Of Credit Rating required under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Board Meeting Intimation for Regulation 29 Of SEBI (LODR) Regulations, 2015. 24 Nov
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 24 Nov
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 6 Nov
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
6 Nov - Transcript of Investor /Analyst Meet held on November 1, 2023.
Annual reports
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2012
from nse
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Financial Year 2011
from bse
Concalls
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT
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May 2023TranscriptNotesPPT
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Feb 2023Transcript PPT
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Oct 2022TranscriptNotesPPT
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Jul 2022TranscriptNotesPPT
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Apr 2022TranscriptNotesPPT
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Jan 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Jul 2021Transcript PPT
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May 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Jul 2020TranscriptPPT
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Oct 2018TranscriptPPT
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Jun 2018Transcript PPT
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Nov 2017TranscriptNotesPPT
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Sep 2017TranscriptNotesPPT
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]