Market Cap ₹136441 Cr.
Stock P/E 9.6
P/B 2
Current Price ₹518.2
Book Value ₹ 263.4
Face Value 10
52W High ₹567.1
Dividend Yield 3.09%
52W Low ₹ 127.4
REC Limited is an India-based infrastructure finance company. The Company's foremost commercial business is to offer finance to power sector. The Company's important merchandise consist of interest-bearing loans to state electricity boards,state power utilities/state power departments and private sector for all segments of electricity infrastructure. It is engaged in financing initiatives and schemes of various power region value chain, which includes technology (both conventional and renewable electricity), transmission, distribution, rural electrification and activities having ahead or backward linkage with power initiatives. It presents financial help to state electricity boards, state governments, central/state power utilities, independent energy producers, rural electric cooperatives and private region utilities thru its network of about 22 workplaces. The Company additionally acts as the nodal organisation or venture enforcing business enterprise for various schemes and applications of the Ministry of Power, Government of India.
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| #(Fig in Cr.) | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 10037 | 9633 | 9497 | 9956 | 9782 | 10243 | 11088 | 11688 | 12052 | 12677 |
| Other Income | 32 | 23 | 9 | 8 | 14 | 12 | 4 | 13 | 20 | 29 |
| Total Income | 10069 | 9656 | 9506 | 9964 | 9795 | 10255 | 11092 | 11701 | 12072 | 12707 |
| Total Expenditure | 1065 | 1440 | 1175 | 794 | 45 | -149 | 316 | -492 | 240 | -425 |
| Operating Profit | 9005 | 8216 | 8332 | 9170 | 9750 | 10404 | 10776 | 12194 | 11831 | 13131 |
| Interest Expense | 5548 | 5353 | 5376 | 5728 | 6134 | 6496 | 7049 | 7350 | 7654 | 7896 |
| Depreciation | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Profit Before Tax | 3452 | 2857 | 2950 | 3436 | 3610 | 3901 | 3721 | 4838 | 4172 | 5229 |
| Provision for Tax | 678 | 556 | 496 | 704 | 695 | 836 | 753 | 1048 | 863 | 1150 |
| Profit After Tax | 2773 | 2301 | 2454 | 2732 | 2915 | 3065 | 2968 | 3790 | 3308 | 4079 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2773 | 2301 | 2454 | 2732 | 2915 | 3065 | 2968 | 3790 | 3308 | 4079 |
| Adjusted Earnings Per Share | 10.5 | 8.7 | 9.3 | 13.8 | 11.1 | 11.6 | 11.3 | 14.4 | 12.6 | 15.5 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 13570 | 17122 | 20384 | 24013 | 24195 | 22652 | 25399 | 29952 | 35553 | 39269 | 39478 | 47505 |
| Other Income | 69 | 107 | 166 | 117 | 168 | 28 | 35 | 77 | 23 | 70 | 42 | 66 |
| Total Income | 13639 | 17229 | 20550 | 24130 | 24363 | 22680 | 25434 | 30029 | 35576 | 39339 | 39520 | 47572 |
| Total Expenditure | 365 | 885 | 1405 | 1681 | 1889 | 3391 | 1688 | 3999 | 3291 | 4825 | 1857 | -361 |
| Operating Profit | 13274 | 16344 | 19145 | 22449 | 22474 | 19288 | 23746 | 26030 | 32284 | 34514 | 37663 | 47932 |
| Interest Expense | 8083 | 9723 | 11584 | 14282 | 13462 | 13335 | 15657 | 18997 | 21492 | 22054 | 23741 | 29949 |
| Depreciation | 4 | 5 | 8 | 20 | 40 | 7 | 8 | 12 | 11 | 18 | 24 | 24 |
| Profit Before Tax | 5186 | 6617 | 7552 | 8147 | 8972 | 5958 | 8090 | 7030 | 10780 | 12431 | 13898 | 17960 |
| Provision for Tax | 1353 | 1875 | 2208 | 2455 | 2659 | 1507 | 2349 | 2058 | 2401 | 2395 | 2731 | 3814 |
| Profit After Tax | 3833 | 4741 | 5344 | 5691 | 6313 | 4451 | 5741 | 4972 | 8378 | 10036 | 11167 | 14145 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3833 | 4741 | 5344 | 5691 | 6313 | 4451 | 5741 | 4972 | 8378 | 10036 | 11167 | 14145 |
| Adjusted Earnings Per Share | 14.6 | 18 | 20.3 | 21.6 | 24 | 16.9 | 21.8 | 18.9 | 31.8 | 38.1 | 42.4 | 53.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 1% | 10% | 12% | 11% |
| Operating Profit CAGR | 9% | 13% | 14% | 11% |
| PAT CAGR | 11% | 31% | 20% | 11% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 280% | 71% | 39% | 18% |
| ROE Average | 21% | 21% | 19% | 20% |
| ROCE Average | 9% | 9% | 9% | 10% |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 17530 | 20803 | 25073 | 28893 | 33671 | 32588 | 34546 | 35396 | 43764 | 51314 | 58121 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 90925 | 110095 | 131123 | 138784 | 149681 | 198939 | 233162 | 274678 | 311186 | 321766 | 361667 |
| Current Liability | 21845 | 21407 | 26111 | 37915 | 24991 | 10512 | 30705 | 36900 | 48529 | 37711 | 45679 |
| Other Liabilities & Provisions | 2588 | 639 | 1149 | 1353 | 4655 | -305 | -410 | -315 | -2323 | 27 | -574 |
| Total Liabilities | 132889 | 152944 | 183456 | 206945 | 212997 | 241733 | 298003 | 346660 | 401156 | 410818 | 464893 |
| Loans | 114529 | 135855 | 164152 | 157704 | 177275 | 228878 | 270451 | 312084 | 365261 | 371931 | 422084 |
| Investments | 591 | 1643 | 1157 | 2202 | 2433 | 2948 | 2463 | 2305 | 1597 | 1902 | 2738 |
| Fixed Assets | 72 | 73 | 110 | 254 | 355 | 132 | 165 | 166 | 267 | 628 | 641 |
| Other Loans | 2435 | 68 | 140 | 193 | 2877 | 2338 | 20408 | 24169 | 24674 | 27714 | 27368 |
| Other Non Current Assets | 140 | 21 | 18 | 87 | 511 | 129 | 199 | 288 | 336 | 6 | 3 |
| Current Assets | 15123 | 15284 | 17879 | 46505 | 29546 | 7301 | 4308 | 7640 | 9006 | 8632 | 12055 |
| Total Assets | 132889 | 152944 | 183456 | 206945 | 212997 | 241733 | 298003 | 346660 | 401156 | 410818 | 464893 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 5349 | 1501 | 1208 | 559 | 1824 | 4469 | 248 | 382 | 1718 | 1179 | 141 |
| Cash Flow from Operating Activities | -20059 | -17244 | -23898 | -13278 | 6805 | -32510 | -35866 | -32442 | -43512 | -819 | -37360 |
| Cash Flow from Investing Activities | 152 | 136 | 151 | -756 | -101 | 46 | 457 | -149 | 861 | -287 | -943 |
| Cash Flow from Financing Activities | 16059 | 16815 | 23098 | 15291 | -3947 | 28244 | 35543 | 33926 | 42113 | 68 | 38123 |
| Net Cash Inflow / Outflow | -3847 | -293 | -649 | 1257 | 2757 | -4220 | 134 | 1336 | -538 | -1038 | -180 |
| Closing Cash & Cash Equivalent | 1501 | 1208 | 559 | 1817 | 4580 | 248 | 382 | 1718 | 1179 | 141 | -39 |
| # | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 14.56 | 18.01 | 20.3 | 21.61 | 23.98 | 16.9 | 21.8 | 18.88 | 31.82 | 38.11 | 42.41 |
| CEPS(Rs) | 14.57 | 18.02 | 20.33 | 21.69 | 24.13 | 16.93 | 21.84 | 18.93 | 31.86 | 38.18 | 42.5 |
| DPS(Rs) | 8.25 | 9.5 | 10.7 | 17.1 | 9.65 | 9.15 | 11 | 11 | 12.71 | 15.3 | 12.6 |
| Book NAV/Share(Rs) | 66.54 | 78.99 | 95.22 | 109.73 | 127.87 | 123.76 | 131.19 | 134.42 | 164.08 | 192.75 | 218.6 |
| Net Profit Margin | 28.24 | 27.69 | 26.22 | 23.7 | 26.09 | 19.65 | 22.6 | 16.6 | 23.57 | 25.56 | 28.29 |
| Operating Margin | 97.79 | 95.43 | 93.88 | 93.4 | 92.72 | 85.17 | 93.5 | 86.9 | 90.77 | 87.82 | 95.34 |
| PBT Margin | 38.22 | 38.64 | 37.05 | 33.93 | 37.08 | 26.3 | 31.85 | 23.47 | 30.32 | 31.65 | 35.2 |
| ROA(%) | 3.15 | 3.32 | 3.18 | 2.92 | 3.01 | 1.96 | 2.13 | 1.54 | 2.24 | 2.47 | 2.55 |
| ROE(%) | 23.86 | 24.75 | 23.3 | 21.09 | 20.18 | 13.43 | 17.1 | 14.22 | 21.32 | 21.36 | 20.62 |
| ROCE(%) | 11.54 | 12 | 11.85 | 11.99 | 11.23 | 8.8 | 9.21 | 8.67 | 9.28 | 9.1 | 9.14 |
| Price/Earnings(x) | 5.36 | 4.77 | 6.15 | 2.88 | 5.66 | 5.55 | 5.26 | 3.53 | 3.09 | 2.42 | 2.72 |
| Price/Book(x) | 1.17 | 1.09 | 1.31 | 0.57 | 1.06 | 0.76 | 0.87 | 0.5 | 0.6 | 0.48 | 0.53 |
| Dividend Yield(%) | 3.96 | 4.15 | 3.22 | 10.3 | 5.33 | 7.32 | 7.2 | 12.39 | 9.68 | 12.44 | 10.91 |
| EV/Net Sales(x) | 9.34 | 8.62 | 8.99 | 7.65 | 8.22 | 10.02 | 10.72 | 10.01 | 9.91 | 9.03 | 10.35 |
| EV/Core EBITDA(x) | 9.55 | 9.03 | 9.57 | 8.19 | 8.85 | 11.76 | 11.47 | 11.52 | 10.91 | 10.28 | 10.85 |
| Interest Earned Growth(%) | 30.11 | 26.18 | 19.05 | 17.8 | 0.76 | -6.38 | 12.13 | 17.92 | 18.7 | 10.45 | 0.53 |
| Net Profit Growth | 35.02 | 23.7 | 12.72 | 6.49 | 10.93 | -29.51 | 29.31 | -13.4 | 68.5 | 19.78 | 11.27 |
| EPS Growth(%) | 35.02 | 23.7 | 12.72 | 6.49 | 10.93 | -29.51 | 29 | -13.4 | 68.5 | 19.78 | 11.27 |
| Interest Coverage(x) % | 1.64 | 1.68 | 1.65 | 1.57 | 1.67 | 1.45 | 1.52 | 1.37 | 1.5 | 1.56 | 1.59 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 |
| FII | 24.85 | 24.27 | 23.36 | 23.39 | 21.46 | 21.49 | 21.9 | 20.36 | 20.6 | 19.92 |
| DII | 9.94 | 9.43 | 8.68 | 12.01 | 12.18 | 11.93 | 12.05 | 14.14 | 14.21 | 15.49 |
| Public | 12.58 | 13.66 | 15.32 | 11.97 | 13.72 | 13.94 | 13.41 | 12.87 | 12.56 | 11.95 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 103.95 | 103.95 | 103.95 | 138.6 | 138.6 | 138.6 | 138.6 | 138.6 | 138.6 | 138.6 |
| FII | 49.08 | 47.93 | 46.13 | 61.58 | 56.51 | 56.59 | 57.67 | 53.61 | 54.24 | 52.45 |
| DII | 19.63 | 18.63 | 17.14 | 31.62 | 32.07 | 31.42 | 31.74 | 37.23 | 37.41 | 40.8 |
| Public | 24.84 | 26.98 | 30.26 | 31.53 | 36.14 | 36.71 | 35.31 | 33.88 | 33.07 | 31.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 197.49 | 197.49 | 197.49 | 263.32 | 263.32 | 263.32 | 263.32 | 263.32 | 263.32 | 263.32 |
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