REC Declares Its Financial Results for 1st Quarter of FY 2019-20 PERFORMANCE

REC Declares Its Financial Results for 1st Quarter of FY 2019-20

 

New Delhi: The Board of Directors of REC Limited approved the unaudited standalone and consolidated financial results for 1st Quarter of FY 2019-20 yesterday.
 
 
 
 
Operational and Financial Highlights – Q1 FY20 vs Q1 FY19 (Standalone)
  • Sanctions - Rs. 24,288 crore vs. Rs. 18,767 crore, up 29%
  • Disbursements - Rs. 15,625 crore vs. Rs. 8,316 crore, up 88% 
  • Total Income – Rs. 6,989 crore vs. Rs. 6,319 crore, up 11%
  • Net Profit – Rs. 1,501 crore vs Rs. 1,468 crore, up 2%
Financial Highlights – Q1 FY20 vs Q1 FY19 (Consolidated)
  • Total Income – Rs. 7,010 crore vs. Rs. 6,351 crore, up 10%
  • Net Profit – Rs. 1,509 crore vs Rs. 1,472 crore, up 3%
During the current quarter ended 30th June 2019, the Company has registered a Net Profit of Rs. 1,501 crore, as against Rs. 1,468 crore during the quarter ended 30th June 2018. The interest income has increased by 22% from Rs. 5,733 crore in Q1 FY19 to Rs. 6,972 crore in Q1 FY20 on the back of increased loan book of the Company, which has grown by 20% from Rs. 2.42 lakh crore as at 30th June 2018 to Rs. 2.91 lakh crore as at 30th June 2019. The interest coverage ratio of the Company has been at 1.46 with an Earnings per Share (EPS) of Rs. 7.60 during Q1 FY20. 
 
The Net Worth of the Company stands at Rs. 35,913 crores as on 30th June 2019, with a book value per share of Rs. 182. While the operational parameters, i.e. Sanctions and Disbursements have reflected a healthy uptrend during the quarter, the Capital Adequacy Ratio continues to stay healthy at 17.90% as at 30th June 2019 to support the future growth of the Company. 
 
The asset quality has also improved sequentially, as the Net NPA levels decreased from 3.79% as at 31st March 2019 to 3.72% as at 30th June 2019. The Provision Coverage Ratio against the credit-impaired assets under the Expected Credit Loss (ECL) framework has also improved to 48.22% as at 30th June 2019. Further, the loans to Govt. and public sector, forming 88% of the loan book, has not shown any indications of credit impairment.  
 
Talking about the results, Ajeet Kumar Agarwal, Chairman and Managing Director, said, 'We sense a revival of the investor sentiment, as is visible from the healthy growth in our sanctions and disbursements. On the back of a strong financial profile, we have recently raised five-year Reg-S USD Bonds for USD 650 Million in July 2019 with a robust investor demand, helping us to close our largest Reg S bonds issue with the tightest coupon ever of 3.375% on our five-year bonds. The Company has been the torchbearer for the power sector for the last five decades and we continue to be optimistic about the sector in the times to come.'


Posted Date :  07-08-19

Categories : PERFORMANCE

Similar news

Regional Round DBF andHydro of Medha Pratiyogita Held at Dadri

New Delhi. To inculcate the habit of learning and quizzing ,NTPC organizes  Medha Pratiyogita i.e. quiz competition for its employees and School Children all across its Regional Headquarters and Stations .   The regional round of Medha Pratiyogita (DBF &Hydro Region) was organized by DB
Posted Date :  19-08-19

Read more

Coal India net profit rises 22.28 percent to Rs 4629.87 cr

KOLKATA. Despite flat sales volume, higher prices drove the Coal India's sales revenue to rise by 3.64 per cent to Rs 23,223 crore Higher despatches to the non-power sector coupled with an increase in washed coal prices helped Coal India post a 22.28 per cent rise in its net profit for the qu
Posted Date :  14-08-19

Read more

SAIL Iron-ore Mines clock over 15 per-cent Production Growth

New Delhi: The iron ore mines of Raw Materials Division (RMD) of Steel Authority of India Limited (SAIL) produced and despatched 18.27 lakh Tonne and 18.86 Lakh Tonne of iron ore respectively clocking the growth of 15.2% and 11.7% over CPLY in July. In the month RMD mines hit a set of records. In
Posted Date :  02-08-19

Read more

BEL Registers a Turnover of Rs. 2042 Cr. in 1st Quarter

Bangalore: Electronics Limited (BEL) has achieved a Turnover of Rs. 2041.98 Crore, during the 1st quarter of FY 2019-20 over the Turnover of Rs. 2077.84 Cr recorded in the corresponding period of the previous year.   Profit Before Tax (PBT) during 1st quarter of FY 2019-20 stood at Rs. 2
Posted Date :  29-07-19

Read more

PDIL Declares its Financial Results for FY 2018-19

Noida: Projects & Development India Limited (PDIL), a Mini Ratna Category-I PSU under Department of Fertilizers, Ministry of Chemicals & Fertilizers, Government of India, adopted its Audited Accounts for FY 2018-19 in the Board Meeting held on 22.06.2019.  During FY2018-19, PDIL achieved hig
Posted Date :  01-07-19

Read more

IOT Achieves Near-double Profits

Mumbai: Indian Oiltanking limited (IOT), a joint venture of Indian Oil Corporation, continues its profitable streak for a second consecutive year as it records a near-double Total Comprehensive income of nearly 157 Crore in its approved audited financials for FY 2019. The double-digit percentage
Posted Date :  06-06-19

Read more

NALCO s Net Profit for 2018-19 up by 29 Percent

Bhubaneswar: Continuing its soaring performance, National Aluminium Company Limited (NALCO), a Navratna PSU under Ministry of Mines, Government of India, has once again proved its mettle by registering high in terms of both physical and financial performances.   According to the audited
Posted Date :  31-05-19

Read more

NBCC Reports 15.14 percent Rise in Profit for FY 2018-19

New Delhi: NBCC (India) Ltd., the State-owned Navratna CPSE under the Ministry of Housing and Urban Affairs, has announced its Audited Finance Results for the quarter and financial year ended March 31, 2019.   For the financial year ended March 31, 2019, the company has reporte
Posted Date :  30-05-19

Read more

POWERGRID s PAT Crossed 10000 Crore in FY - 2018 -19

New Delhi: Power Grid Corporation of India Limited (POWERGRID), a ‘Navratna’ Company under Ministry of Power, Government of India and the ‘Central Transmission Utility (CTU)’ of the country, crossed Rs. 10,000 Crore profit for the first time as it posted a Profit After Tax of Rs. 10,034 C
Posted Date :  30-05-19

Read more

BEL Achieves Rs. 11789.22 Cr turnover in FY 2018-19

Bangalore: Navratna Defence PSU Bharat Electronics Limited (BEL) achieved a turnover of Rs.11789.22 Crore (audited) for the ended F.Y. 2018-19 registering a growth of 16.90% over the turnover of Rs.10084.84 Crore achieved in the previous year.   The profit after tax (PAT) for the year en
Posted Date :  30-05-19

Read more