Navratna REC posts profit of Rs. 1,890 crore
Rural Electrification Corporation (REC) Limited, a Navratna public sector company focused on financing power projects announced its financial results for the quarter ended 30 June 2017 in a meeting held on 11 August 2017.
The Total Income of the Company as on 30 June 2017 has risen to Rs 34,614 crore as against Rs 29,952 crore in the previous corresponding quarter. The Profit before Tax (PBT) for the quarter is Rs 1,890 crore. Profit after Tax (PAT) stands at Rs 1,301 crore.
The Net worth of the company has increased to Rs 34,614 crore registering a growth of 16% over the corresponding quarter. Loan Book of the company has increased to Rs 2,07,802 crore and the outstanding borrowings is at Rs 1,68,284 crore as on 30 June 2017. Gross NPAs stand at 2.60% as on 30 June 2017 as against 2.55% as on 30 June 2016. Interest Coverage Ratio stands at 1.57% as on 30 June 2017. The Authorised Capital of the Company as on 30 June 2017 is Rs 5,000 crore.
During the previous year, the Company had allotted bonus shares to its shareholders in the proportion of one bonus share of Rs 10/- each for every existing one fully paid-up share of Rs 10/- each.
Accordingly, the paid-up capital increased to Rs 1,974.92 crore from Rs 987.46 crore, post bonus shares. The book value per share of Rs 10/- each stands at Rs 175.27 as on 30 June 2017. Earnings per Share (EPS) for the quarter ended 30 June 2017 is Rs 6.59 per share of Rs 10/- each.