REC Declares its Annual Financial Results for FY19 PERFORMANCE

REC Declares its Annual Financial Results for FY19

 

New Delhi: The Board of Directors of REC Limited, Formerly Rural Electrification Corporation Limited, a Navratna NBFC and Infrastructure Finance Company (IFC) focusing on Power Sector Financing and Development across India, approved the audited standalone financial results for Q4 and 12M FY19 today on 25th May 2019. 
 
 
Highlights – Q4 FY19 vs Q4 FY18:
  • Sanctions - Rs. 22,256 crore vs. Rs. 12,807 crore, up 74%
  • Disbursements - Rs. 19,896 crore vs. Rs. 22,285 crore
  • Total Income – Rs. 6,685 crore vs. Rs. 5,948 crore, up 12%
  • Profit before Tax – Rs. 1,634 crore vs Rs. 983 crore, up 66%
  • Net Profit – Rs. 1,256 crore vs Rs. 839 crore, up 50%
Highlights – 12M FY19 vs 12M FY18:
  • Sanctions - Rs. 1,18,613 crore vs. Rs. 1,07,534 crore, up 10%
  • Disbursements - Rs. 72,165 crore vs. Rs. 61,712 crore, up 17%
  • Total Income – Rs. 25,341 crore vs. Rs. 22,468 crore, up 13%
  • Profit before Tax – Rs. 8,101 crore vs Rs. 5,884 crore, up 38%
  • Net Profit – Rs. 5,764 crore vs Rs. 4,420 crore, up 30%
Closing the year on an impressive note, the Company has registered a Net Profit of Rs. 5,764 crore during the financial year 2018-19, as against Rs. 4,420 crore during the previous year. The growth in the operational profits has been helped by 17% increase in the loan book of the Company, which has grown to Rs. 2.81 lakh crore as at 31st March 2019, as against Rs. 2.39 lakh crore as at 31st March 2018. The interest coverage ratio of the Company has been strong at 1.52 as the Company clocked an Earnings per Share (EPS) of Rs. 29.18 during FY19. 
 
The Net Worth of the Company stands at Rs. 34,303 crores as on 31st March 2019. The Capital Adequacy Ratio has been at healthy levels of 17.77% as on 31st March 2019 to support the future growth of the Company. 
 
Healthy asset quality has always been on top priority for the Company. As a result, the Company has been able to sequentially improve the Net NPA levels from 3.96% as at 31st December 2018 to 3.79% as at 31st March 2019. The Provision Coverage Ratio against the credit-impaired assets under the Expected Credit Loss (ECL) framework stands at 47.66% as at 31st March 2019. Further, there are no indications of credit impairment in the loans to the Govt. sector, forming 88% of the loan book.  
 
Talking about the results, Ajeet Kumar Agarwal, Chairman, and Managing Director, said, 'The sector has been passing through challenging times. However, the Company has been able to weather the stress in the power sector, keeping its key focus on asset quality. The Company has ended the financial year with record sanctions of Rs. 1.19 lakh crores during the year, which enables us to have healthy growth in the coming times. With a rich experience of 5 decades of energizing the power sector, the Company remains geared towards harnessing the opportunities across the power sector value chain.'


Posted Date :  25-05-19

Categories : PERFORMANCE

Similar news

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

NMDCs Spectacular Performance in 2018-19

Hyderabad: NMDC Limited has produced and sold 32.36 million tonnes of iron ore during 2018-19 against production of 35.58 million tonnes and sales of 36.08 million tonnes during previous year. The Company’s turnover for the year 2018-19 is Rs.12,153 cr against  Rs.11,615 cr during 2017-18, reg
Posted Date :  29-05-19

Read more

IRCON Declared its Financial Results for the FY 2019-20

New Delhi: Ircon International Limited has announced its financial results for the fourth quarter and year ended March 31, 2019.  The company has recorded revenue from operations of Rs.4,798 crore in FY19, a growth of 19 % over FY18 which was Rs.4,024 crore. Increase in revenue from operat
Posted Date :  29-05-19

Read more

GAIL Records highest ever Annual Profit of Rs. 6026 Crore

Highlight:  Profit after Tax (PAT) up by 30 % and PBT up by 31 % to Rs. 9,085 crore in FY 2018-19, year-on-year basis Gross Margin up by 25 % to Rs. 10,774 crore, EPS up by 30% Board recommends Final Dividend of Rs.1.77/share on paid-up equity (pre bonus issue), Total Dividen
Posted Date :  27-05-19

Read more

HUDCO Posts Robust Financial Results in 2018-19

New Delhi: Dr. M. Ravi Kanth, CMD, Housing and Urban Development Corporation (HUDCO), shared the highlights of HUDCO’s robust performance in 2018-19, wherein the company has registered a 17% rise in Net Profit that has touched an all-time high of Rs. 1180 crore in 2018-19, from Rs. 1010 crore
Posted Date :  27-05-19

Read more

BHEL Registered 50.7% profit growth in Q4FY19

New Delhi: As a result of strategic initiatives taken, Bharat Heavy Electricals Limited (BHEL) has registered quantum growth in its profitability and entered several new business areas in fiscal 2018-19, ending the year with significant traction in growth drivers.   During the year, the
Posted Date :  27-05-19

Read more

REC Declares its Annual Financial Results for FY19

New Delhi: The Board of Directors of REC Limited, Formerly Rural Electrification Corporation Limited, a Navratna NBFC and Infrastructure Finance Company (IFC) focusing on Power Sector Financing and Development across India, approved the audited standalone financial results for Q4 and 12M FY19 tod
Posted Date :  25-05-19

Read more

NTPC Surges Ahead - Group Profit After Tax up by 20.3%

New Delhi: The Country’s largest power generator - NTPC Ltd. which along with its group companies, has an installed capacity of 55126 MW, declared its audited annual financial results for FY19 along with the unaudited financial results for Q4 FY19 on 25 May 2019.   The Gross Generation
Posted Date :  25-05-19

Read more

KIOCL Reports Highest turnover Since Inception

New Delhi: The Board of KIOCL Limited, a CPSU under Ministry of Steel, approved the Financial Results for the 4th quarter and for the financial year 2018-19 on 21th May 2019 at New Delhi. During the year, the Company reported total revenue of Rs. 2012.68 Crores, with profit before tax of Rs. 184.
Posted Date :  21-05-19

Read more

Hyderabad International Airport Among top 10 in the World

Hyderabad/New Delhi: Rajiv Gandhi International Airport of Hyderabad among top 10 Airport in the world. According to the AirHelp's, a website that specializes in air traveller rights and seeks compensation in cases of delays or cancellations, survey Rajiv Gandhi International Airport has rank
Posted Date :  13-05-19

Read more

ITI Limited Records a Turnover of Rs. 2051 Crore for the Year 2018-19

Bengaluru: ITI Limited, a Public Sector Undertaking under DoT announced the turnover of Rs. 2051 Crore (unaudited) for the financial year ended on 31th March, 2019 (corresponding figure for the financial year 2017-18 was Rs. 1703 Crore). The Company has posted 20% growth in revenue during 2018-19
Posted Date :  12-04-19

Read more