REC Ltd

About [ edit ]

REC is engaged in extending financial assistance across the power sector value chain and is a Systemically Important (Non-Deposit Accepting or Holding) Non-Banking Finance Company (NBFC) registered with Reserve Bank of India (RBI) as an Infrastructure Finance Company (IFC).(Source : 202003-01 Annual Report Page No:146)

  • Market Cap 28,913 Cr.
  • Current Price 146
  • High / Low 157 / 78.8
  • Stock P/E 4.27
  • Book Value 213
  • Dividend Yield 7.51 %
  • ROCE 8.67 %
  • ROE 14.2 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.69 times its book value
  • Stock is providing a good dividend yield of 7.51%.
  • Company has been maintaining a healthy dividend payout of 40.71%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.82% over past five years.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -5.69%
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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 Sep 2020 Dec 2020
6,350 6,234 5,534 6,650 7,007 7,652 7,713 7,841 8,447 8,810 9,085
608 -18 -380 870 330 1,076 564 2,297 771 626 835
Operating Profit 5,742 6,252 5,914 5,779 6,677 6,576 7,148 5,544 7,676 8,184 8,250
OPM % 90% 100% 107% 87% 95% 86% 93% 71% 91% 93% 91%
Other Income 2 12 12 24 9 7 7 64 4 14 5
Interest 3,619 3,779 4,081 4,161 4,571 4,714 4,766 4,940 5,193 5,411 5,445
Depreciation 2 2 2 2 3 3 3 4 3 3 3
Profit before tax 2,123 2,484 1,843 1,641 2,113 1,867 2,386 664 2,484 2,784 2,807
Tax % 31% 30% 30% 24% 29% 29% 30% 29% 26% 21% 20%
Net Profit 1,472 1,733 1,284 1,253 1,509 1,322 1,668 474 1,845 2,197 2,258
EPS in Rs 7.45 8.77 6.50 6.34 7.64 6.70 8.44 2.40 9.34 11.13 11.43
Notes Notes 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
4,882 6,667 8,379 10,508 13,634 17,223 20,544 24,125 24,338 22,658 25,408 29,942 34,183
126 169 179 346 365 573 1,149 1,680 1,887 3,379 1,702 3,981 4,530
Operating Profit 4,756 6,499 8,200 10,162 13,270 16,650 19,395 22,445 22,451 19,279 23,705 25,961 29,653
OPM % 97% 97% 98% 97% 97% 97% 94% 93% 92% 85% 93% 87% 87%
Other Income 55 80 153 46 4 6 6 4 23 18 33 72 87
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 20,989
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 8,739
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 6,774
EPS in Rs 7.42 10.24 13.09 14.37 19.41 24.01 27.06 28.82 31.97 22.54 29.07 25.18 34.30
Dividend Payout % 30% 32% 29% 26% 21% 20% 20% 30% 30% 41% 38% 44%
Compounded Sales Growth
10 Years:16%
5 Years:8%
3 Years:7%
TTM:18%
Compounded Profit Growth
10 Years:9%
5 Years:-1%
3 Years:-8%
TTM:18%
Stock Price CAGR
10 Years:3%
5 Years:12%
3 Years:5%
1 Year:27%
Return on Equity
10 Years:19%
5 Years:17%
3 Years:15%
Last Year:14%

Balance Sheet

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 Dec 2020
859 987 987 987 987 987 987 987 1,975 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 40,103
Borrowings 44,936 55,948 70,040 90,058 107,762 126,173 150,979 169,212 167,852 204,367 244,249 286,289 313,519
4,832 2,542 3,703 3,947 5,277 5,968 7,404 8,840 8,723 5,416 19,659 25,345 24,108
Total Liabilities 55,962 69,594 86,570 108,629 130,570 152,944 183,456 206,945 210,245 242,370 298,454 347,030 379,706
57 67 66 71 72 73 110 254 355 132 165 166 163
CWIP 27 27 3 8 9 10 10 78 166 129 199 288 405
Investments 1,005 910 837 733 638 1,690 1,596 2,352 2,617 2,948 2,463 2,386 3,338
54,874 68,590 85,665 107,817 129,851 151,170 181,740 204,261 207,108 239,162 295,627 344,190 375,800
Total Assets 55,962 69,594 86,570 108,629 130,570 152,944 183,456 206,945 210,245 242,370 298,454 347,030 379,706

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
ROCE % 11% 11% 11% 11% 12% 12% 12% 12% 11% 9% 9% 9%
Debtor Days 0 2 1 1 1 1 2 4 7 2 2 1
Inventory Turnover 4.76 5.06 0.31

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
58.32 57.95 57.99 52.85 52.63 52.63 52.63 52.63 52.63 52.63 52.63 52.63
23.19 22.11 21.66 23.53 25.30 27.05 28.93 28.78 26.99 26.59 25.93 26.37
8.65 10.12 10.20 13.76 13.89 12.54 10.43 10.94 12.01 12.48 12.56 12.67
9.84 9.83 10.15 9.86 8.17 7.78 8.00 7.64 8.36 8.30 8.87 8.33

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