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