REC net worth increases by 14%

REC Transmission Projects Company-indianbureaucracy
REC Transmission Projects Company-indianbureaucracy

Rural Electrification Corporation Limited (REC), a Navratna Public Sector Company has declared its financial results for the quarter and half year ended 30th September, 2016 as approved by its Board of Directors in the meeting held on 9th November, 2016.

Total Income of the Company for the quarter ended 30th September, 2016 has increased to Rs. 6,109 crore as against corresponding quarter ended 30th September, 2015 of Rs. 5,925 crore registering an increase of 3%.

Profit after tax of the company for the quarter ended 30th September, 2016 is Rs. 1,751 crore as against Rs. 1,619 crore for the quarter ended 30th September, 2015 registering an increase of 8% over the corresponding quarter last year. Net worth of the company as at 30th September, 2016 has increased to Rs. 31,778 crore as against Rs. 27,906 crore over the corresponding period last year, registering a growth of 14%.

The Loan Asset Book of the company has increased to Rs. 1,96,652 crore and the outstanding borrowings is Rs. 1,62,077 crore as on 30th September, 2016. Loan quality has also improved sequentially with Gross NPAs at 2.45% as at 30th Sept., 2016 as against 2.55% as at 30th June, 2016.

Further, during the quarter, the Company has 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. The book value per share of Rs. 10/- each stands at Rs. 160.91 as at 30th September, 2016 and EPS for the quarter ended 30th September, 2016 has been Rs. 8.87 per share of Rs. 10/- each, post bonus issue.

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