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As on Sep 17, 2018 12:00 AM Your results on : Corporate Results    
Rural Electrification Corporation
17-Sep-2018 (19:00)
Rural Electrification Corporation (REC) has reported 37% increase in the net profit to Rs 1468.70 crore for the quarter ended June 2018 (Q1FY2019), driven by jump in other income and dip in provisions. The Net Interest Income (NII) declined 11% to Rs 2040.77 crore, driven by narrowing of Net Interest Margin (NIM). However, the loan book growth was strong at 16% end June 2018, while the company has also maintained stable asset quality in Q1FY2019.

The company adopted Indian Accounting Standards (Ind AS) with effect from 1 April 2018. Results of Q1FY19 are prepared and reported in compliance with Ind AS requirements. Additionally, for the same quarter of previous year (Q1FY18), figures have been recast as per Ind AS requirements. The net profit for Q1FY2018 was lower at Rs 1075.96 crore under Ind AS compared with Rs 1301.14 crore under IGAAP.

The gross stage 3 assets of the company stood at Rs 19651 crore at end June 2018. The gross stage 3 assets ratio was 8.12% end June 2018, compared with GNPA ratio of 7.15% end March 2018. However, the company has sharply raised provisions, adjusting from reserves, to Rs 9316 crore end June 2018 from Rs 3516 crore end March 2019. Thus, the net stage 3 assets ratio has dipped to 4.27% end June 2018 compared with net NPA ratio at 5.68% end March 2018.

Business highlights:

Outstanding loan portfolio continues rise at a strong pace of 16% to Rs 241913 crore at end June 2018. Disbursements declined 35% yoy to Rs 8316 crore in Q1FY2019, as disbursements in the T&D (including RGGVY) dipped 43% to Rs 4106 crore, while generation segment disbursements declined 57% at Rs 2035 crore. However, short-term loans disbursements also fell 7% to Rs 700 crore in Q1FY2019.

Sanctions declined 45% to Rs 18767 crore in Q1FY2019, driven by dip in generation loans sanction by 85% to Rs 2739 crore, while the sanctions to T&D segment also fell 13% to Rs 12387 crore in Q1FY2019.

With the decline in yield on loans, NIM declined 91 bps yoy to 3.72% in quarter ended June 2018. Yield on loans declined 77 bps yoy to 10.32%, while cost of funds fell only 32 bps yoy to 7.27% in Q1FY2019.

Fund raising declined 19% to Rs 1222 crore in the quarter ended June 2018, entirely raised through capital gains bonds. Outstanding borrowings increased by 19% from Rs 200225 crore at end June 2018. Institutional bonds increased 13% to Rs 128395 crore, capital gains, Tax Free & Infra bonds were up 12% to Rs 36504 crore and foreign currency borrowing moved up 37% to Rs 27242 crore at end June 2018.

Book value of the company stood at Rs 164.5 per share at end June 2018, while adjusted Book value (net of net stage 3 assets) stood at Rs 112.1 per share at end June 2018.

Quarterly Performance

Income from Operations increased 4% to Rs 5668.82 crore for the quarter ended June 2018. The interest expense moved up 14% to Rs 3628.05 crore, causing 11% decline in the NII to Rs 2040.77 crore in quarter ended June 2018. Other income zoomed 303% to Rs 650.19 crore. The total income increased 10% to Rs 2690.96 crore in the quarter ended June 2018.

The operating expenses moved up 41% to Rs 446.69 crore, while provisions dipped 82% to Rs 131.84 crore in the quarter ended June 2018. The Profit before Tax moved up 51% to Rs 2110.84 crore in the quarter ended June 2018. The effective tax rate increased 722 bps yoy to 30.4%. The Net Profit galloped 37% to Rs 1468.70 crore in the quarter ended June 2018.

Rural Electrification Corporation: Financial Results

Particulars1806 (3)1706 (3)Var (%)
Income from Operations5668.825466.834
Interest & Finance Expenses3628.053186.5514
NII2040.772280.28-11
Other Income650.19161.18303
Total Income 2690.962441.4610
Staff Cost43.1856.50-24
Other Expenditure403.51259.7655
Gross Profit2244.272125.206
Depreciation 1.591.2923
Provisions and Write-off131.84722.99-82
Profit before tax2110.841400.9251
Tax expense642.14324.9698
PAT1468.701075.9637
EPS29.7521.79
* Annualized on current equity of Rs 1974.92 crore. Face Value: Rs 10, Figures in Rs crore
Figures as per Ind AS
Source: Capitaline Corporate Database

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