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 ₹ 1,15,809 Cr.
- Current Price ₹ 440
- High / Low ₹ 524 / 124
- Stock P/E 8.82
- Book Value ₹ 248
- Dividend Yield 2.86 %
- ROCE 9.14 %
- ROE 20.4 %
- Face Value ₹ 10.0
Pros
- 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 | 45,071 | |
346 | 365 | 572 | 1,149 | 1,680 | 1,888 | 3,379 | 1,702 | 3,981 | 3,292 | 4,838 | 1,858 | -85 | |
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 | 45,156 |
OPM % | 97% | 97% | 97% | 94% | 93% | 92% | 85% | 93% | 87% | 91% | 88% | 95% | 100% |
46 | 4 | 6 | 6 | 4 | 24 | 18 | 33 | 72 | 15 | 62 | 28 | 49 | |
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 | 28,548 |
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 | 16,632 |
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 | 13,132 | |
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 | 49.86 |
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: | 16% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 20% |
3 Years: | 31% |
TTM: | 26% |
Stock Price CAGR | |
---|---|
10 Years: | 17% |
5 Years: | 32% |
3 Years: | 66% |
1 Year: | 251% |
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
- Board Meeting Intimation for Intimation Of Board Meeting For Consideration Of Audited Financial Results For The Quarter And Year Ended March 31, 2024 And Recommendation Of Final Dividend, If Any, For The Financial Year 2023-24. 12h
- Intimation Of Incorporation Of Subsidiary Company. 20 Apr
- Submission Of Certificate Required Under Regulation 40(9) & (10) Of SEBI (LODR) Regulations, 2015 For The Financial Year Ended March 31, 2024. 10 Apr
- Submission Of Compliance Certificate Under Regulation 7(3) Of SEBI (Listing Obligations And Disclosures Requirements) Regulations, 2015 For The Year Ended March 31, 2024. 8 Apr
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Apr - Certificate under Regulation 74(5) of SEBI (Depositories and Particiapnts) Regulations, 2018.
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
from nse
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
from nse
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Financial Year 2011
from bse
Concalls
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Jan 2024Transcript PPT
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Nov 2023Transcript PPT REC
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Aug 2023TranscriptPPT
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Jun 2023TranscriptNotesPPT
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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 2021TranscriptNotesPPT
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Jun 2021TranscriptPPT
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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]
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]