REC Ltd.
RECLTDFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
5 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (1 of 5 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20200703 | 2020-06-30 | yes | |
| TRANSCRIPT | 20210610 | 2021-03-31 | yes | |
| TRANSCRIPT | 20230823 | 2023-06-30 | yes | |
| ANALYST_MEET | 20231106 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240131 | 2023-12-31 | yes | |
| TRANSCRIPT | 20241104 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250806 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251104 | 2025-09-30 | yes |
RECLTD
files as a non-banking financial company. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | nbfc |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 308.25 |
| 52-week range | 305.1 – 385.55 |
| Return 1M | -5.44% |
| Return 3M | -15.47% |
| Return 1Y | -19.31% |
| Return 3Y | 13.98% |
| Return 5Y | 169.33% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 14,435.00 |
| Other income | 35.00 |
| Total income | 14,469.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 74.00 |
| Finance costs | 8,748.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.53 | 0.00 |
| institutions foreign | 0.16 | -0.00 |
| institutions domestic | 0.17 | 0.01 |
| mutual funds | 0.09 | -0.01 |
| public | 0.47 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| ANALYST_MEET | 2023-09-30 | 1 |
| TRANSCRIPT | 2025-09-30 | 7 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-06-30 | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,497.00 | 9,956.00 | 9,782.00 | 10,243.00 | 11,088.00 | 11,688.00 | 12,052.00 | 12,677.00 | 13,079.00 | 13,682.00 | 14,272.00 | 14,737.00 | 15,153.00 | 15,018.00 | 14,564.00 | 14,435.00 |
| Other income | 9.00 | 8.00 | 14.00 | 12.00 | 4.00 | 13.00 | 20.00 | 29.00 | 14.00 | 24.00 | 15.00 | 87.00 | 10.00 | 41.00 | 20.00 | 35.00 |
| Total income | 9,506.00 | 9,964.00 | 9,795.00 | 10,255.00 | 11,092.00 | 11,701.00 | 12,072.00 | 12,707.00 | 13,092.00 | 13,706.00 | 14,287.00 | 14,824.00 | 15,162.00 | 15,059.00 | 14,583.00 | 14,469.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 81.00 | 37.00 | 57.00 | 29.00 | 54.00 | 49.00 | 69.00 | 66.00 | 62.00 | 65.00 | 55.00 | 64.00 | 67.00 | 71.00 | 70.00 | 74.00 |
| Finance costs | 5,376.00 | 5,728.00 | 6,134.00 | 6,496.00 | 7,049.00 | 7,350.00 | 7,654.00 | 7,896.00 | 8,020.00 | 8,506.00 | 8,837.00 | 8,934.00 | 9,131.00 | 9,243.00 | 8,931.00 | 8,748.00 |
| Depreciation and amortisation | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| Other expenses | 580.00 | 537.00 | 259.00 | 126.00 | 194.00 | 220.00 | 109.00 | 234.00 | 183.00 | 166.00 | 288.00 | 176.00 | 210.00 | 204.00 | 508.00 | 1,033.00 |
| Total expenses | 6,556.00 | 6,528.00 | 6,185.00 | 6,353.00 | 7,371.00 | 6,864.00 | 7,900.00 | 7,477.00 | 8,743.00 | 8,609.00 | 9,106.00 | 9,158.00 | 9,613.00 | 9,904.00 | 10,169.00 | 9,201.00 |
| Profit before exceptional items and tax | 2,950.00 | 3,436.00 | 3,610.00 | 3,901.00 | 3,721.00 | 4,838.00 | 4,172.00 | 5,229.00 | 4,349.00 | 5,097.00 | 5,181.00 | 5,666.00 | 5,549.00 | 5,155.00 | 4,415.00 | 5,268.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -18.00 | 0.00 | 0.00 |
| Profit before tax | 2,950.00 | 3,436.00 | 3,610.00 | 3,901.00 | 3,721.00 | 4,838.00 | 4,172.00 | 5,229.00 | 4,349.00 | 5,097.00 | 5,181.00 | 5,666.00 | 5,549.00 | 5,136.00 | 4,415.00 | 5,268.00 |
| Current tax | 579.00 | 655.00 | 596.00 | 743.00 | 801.00 | 746.00 | 880.00 | 906.00 | 956.00 | 1,059.00 | 1,045.00 | 1,041.00 | 1,164.00 | 1,022.00 | 525.00 | 1,085.00 |
| Deferred tax | -83.00 | 49.00 | 99.00 | 92.00 | -48.00 | 302.00 | -17.00 | 244.00 | -67.00 | 1.00 | 60.00 | 159.00 | -30.00 | 62.00 | 514.00 | -10.00 |
| Tax expense | 496.00 | 704.00 | 695.00 | 836.00 | 753.00 | 1,048.00 | 863.00 | 1,150.00 | 889.00 | 1,060.00 | 1,105.00 | 1,201.00 | 1,134.00 | 1,084.00 | 1,039.00 | 1,076.00 |
| Profit for the period | 2,454.00 | 2,732.00 | 2,915.00 | 3,065.00 | 2,968.00 | 3,790.00 | 3,308.00 | 4,079.00 | 3,460.00 | 4,038.00 | 4,076.00 | 4,466.00 | 4,415.00 | 4,052.00 | 3,375.00 | 4,193.00 |
| Profit attributable to owners | 0.00 | 0.00 | 0.00 | 3,065.00 | 2,968.00 | 3,790.00 | 3,308.00 | 4,079.00 | 3,460.00 | 4,038.00 | 4,076.00 | 4,466.00 | 4,415.00 | 4,052.00 | 3,375.00 | 4,193.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -672.00 | -814.00 | -129.00 | 644.00 | 182.00 | 415.00 | -720.00 | 1,167.00 | 83.00 | -1,252.00 | 703.00 | -2,464.00 | 669.00 | 676.00 | -3,047.00 | 3,247.00 |
| Total comprehensive income | 1,782.00 | 1,918.00 | 2,786.00 | 3,709.00 | 3,150.00 | 4,205.00 | 2,588.00 | 5,246.00 | 3,543.00 | 2,786.00 | 4,779.00 | 2,002.00 | 5,083.00 | 4,729.00 | 328.00 | 7,440.00 |
| Earnings per share, basic | 12.43 | 10.38 | 11.07 | 11.51 | 11.27 | 14.39 | 12.56 | 15.36 | 13.14 | 15.33 | 15.48 | 16.96 | 16.77 | 15.39 | 12.69 | 15.92 |
| Earnings per share, diluted | 12.43 | 10.38 | 11.07 | 11.51 | 11.27 | 14.39 | 12.56 | 15.36 | 13.14 | 15.33 | 15.48 | 16.96 | 16.77 | 15.39 | 12.69 | 15.92 |
| Interest earned | 9,376.00 | 9,690.00 | 9,782.00 | 9,998.00 | 10,692.00 | 11,399.00 | 11,950.00 | 12,390.00 | 12,695.00 | 13,485.00 | 13,978.00 | 14,512.00 | 14,590.00 | 14,527.00 | 14,119.00 | 14,200.00 |
| Fees and commission income | 56.00 | 34.00 | 63.00 | 134.00 | 20.00 | 71.00 | 53.00 | 92.00 | 47.00 | 48.00 | 76.00 | 144.00 | 474.00 | 392.00 | 255.00 | 109.00 |
| Net gain on fair value changes | 30.00 | 207.00 | -162.00 | -31.00 | 250.00 | 104.00 | -16.00 | 136.00 | 286.00 | -3.00 | 83.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividend income | 0.00 | 1.00 | 9.00 | 2.00 | 0.00 | 1.00 | 0.00 | 1.00 | 0.00 | 1.00 | 6.00 | 0.00 | 1.00 | 0.00 | 10.00 | 0.00 |
| Rental income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Revenue from operations | 29,930.00 | 35,553.00 | 39,269.00 | 39,478.00 | 47,505.00 | 59,584.00 |
| Other income | 77.00 | 23.00 | 70.00 | 42.00 | 66.00 | 44.00 |
| Total income | 30,007.00 | 35,575.00 | 39,339.00 | 39,520.00 | 47,571.00 | 59,628.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 193.00 | 164.00 | 180.00 | 204.00 | 238.00 | 272.00 |
| Finance costs | 18,991.00 | 21,489.00 | 22,051.00 | 23,733.00 | 29,948.00 | 36,238.00 |
| Depreciation and amortisation | 12.00 | 11.00 | 18.00 | 24.00 | 24.00 | 27.00 |
| Other expenses | 2,819.00 | 674.00 | 1,161.00 | 1,502.00 | 757.00 | 1,098.00 |
| Total expenses | 22,986.00 | 24,794.00 | 26,897.00 | 25,622.00 | 29,611.00 | 38,844.00 |
| Profit before exceptional items and tax | 7,021.00 | 10,782.00 | 12,442.00 | 13,898.00 | 17,960.00 | 20,785.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -18.00 |
| Profit before tax | 7,021.00 | 10,782.00 | 12,442.00 | 13,898.00 | 17,960.00 | 20,766.00 |
| Current tax | 1,645.00 | 2,921.00 | 3,065.00 | 2,573.00 | 3,333.00 | 3,753.00 |
| Deferred tax | 413.00 | -520.00 | -670.00 | 158.00 | 481.00 | 705.00 |
| Tax expense | 2,058.00 | 2,401.00 | 2,395.00 | 2,731.00 | 3,814.00 | 4,458.00 |
| Profit for the period | 4,972.00 | 8,378.00 | 10,036.00 | 11,167.00 | 14,145.00 | 16,308.00 |
| Profit attributable to owners | — | — | 0.00 | 11,167.00 | 14,145.00 | 16,308.00 |
| Profit attributable to non-controlling interests | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -554.00 | 458.00 | -58.00 | -971.00 | 1,044.00 | -4,166.00 |
| Total comprehensive income | 4,418.00 | 8,836.00 | 9,978.00 | 10,196.00 | 15,190.00 | 12,142.00 |
| Earnings per share, basic | 25.18 | 42.42 | 50.82 | 42.28 | 53.59 | 61.81 |
| Earnings per share, diluted | 25.18 | 42.42 | 50.82 | 42.28 | 53.59 | 61.81 |
| Interest earned | 29,672.00 | 34,693.00 | 38,194.00 | 38,846.00 | 46,431.00 | 57,860.00 |
| Fees and commission income | 39.00 | 95.00 | 573.00 | 287.00 | 236.00 | 1,265.00 |
| Net gain on fair value changes | 0.00 | 572.00 | 347.00 | 45.00 | 474.00 | 0.00 |
| Dividend income | 37.00 | 28.00 | 4.00 | 12.00 | 2.00 | 10.00 |
| Rental income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Total assets | 425,098.00 | 465,503.00 | 513,181.00 | 548,191.00 | 595,227.00 | 640,351.00 | 640,158.00 |
| Property, plant and equipment | 617.00 | 639.00 | 635.00 | 631.00 | 622.00 | 616.00 | 613.00 |
| Capital work-in-progress | 7.00 | 3.00 | 7.00 | 24.00 | 49.00 | 105.00 | 128.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 3.00 | 2.00 | 1.00 | 1.00 | 0.00 | 2.00 | 2.00 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 2,398.00 | 49.00 | 6,019.00 | 263.00 | 4,675.00 | 5,105.00 | 293.00 |
| Total equity and liabilities | 425,098.00 | 465,503.00 | 513,181.00 | 548,191.00 | 595,227.00 | 640,351.00 | 640,158.00 |
| Equity | 53,796.00 | 58,121.00 | 63,583.00 | 69,350.00 | 73,510.00 | 83,481.00 | 85,054.00 |
| Equity share capital | 2,633.00 | 2,633.00 | 2,633.00 | 2,633.00 | 2,633.00 | 2,633.00 | 2,633.00 |
| Other equity | 51,163.00 | 55,487.00 | 60,949.00 | 66,717.00 | 70,877.00 | 80,848.00 | 82,421.00 |
| Total liabilities | 371,302.00 | — | — | — | — | 556,870.00 | 555,104.00 |
Cash flow, as filed
| Line | 2022-03-31 | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -3,910.00 | -5,876.00 | -37,360.00 | -30,713.00 | -57,723.00 | -27,099.00 | -3,005.00 | 5,972.00 |
| Net cash from investing activities | -287.00 | -195.00 | -943.00 | 12.00 | -1,831.00 | -1,101.00 | -1,468.00 | -3,308.00 |
| Net cash from financing activities | 3,159.00 | 8,327.00 | 38,123.00 | 36,755.00 | 59,588.00 | 32,880.00 | 9,916.00 | -2,375.00 |
| Purchase of property, plant and equipment | 22.00 | -0.00 | 18.00 | -2.00 | 34.00 | 36.00 | 36.00 | 75.00 |
| Net increase in cash | -1,038.00 | 2,257.00 | -180.00 | 6,054.00 | 34.00 | 4,680.00 | 5,442.00 | 289.00 |
| con:CFO.BEFORE_TAX | 13,300.00 | 5,773.00 | 14,932.00 | 7,089.00 | 15,200.00 | 8,567.00 | -1,062.00 | 9,587.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 3,078.00 | 1,252.00 | 2,674.00 | 1,375.00 | 3,272.00 | 1,705.00 | 1,944.00 | 3,616.00 |
| con:CF_OTHER.OPERATING | -14,131.00 | -10,397.00 | -49,617.00 | -36,426.00 | -69,651.00 | -33,961.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,444.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 3.00 | 67.00 | 350.00 | 2.00 | 0.00 |
| con:PPE_DISPOSALS | 0.00 | 0.00 | 5.00 | 0.00 | 2.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.00 | 12.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2022-12-31 | 2023-03-31 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 52.63 | 0.53 | 0.53 | 0.53 | 0.53 |
| Domestic institutions | 12.11 | 11.87 | 14.10 | 14.17 | 15.44 | 14.68 | 14.25 | 13.90 | 14.79 | 15.50 | 0.16 | 0.16 | 0.16 | 0.17 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 9.66 | 0.09 | 0.09 | 0.09 | 0.09 |
| Insurance companies | 4.13 | 4.26 | 4.24 | 4.66 | 4.47 | 3.91 | 3.93 | 4.13 | 4.48 | 4.29 | 0.05 | 0.05 | 0.06 | 0.07 |
| Foreign institutions | 21.49 | 21.51 | 20.36 | 20.60 | 19.92 | 20.43 | 21.23 | 21.73 | 20.48 | 19.16 | 0.18 | 0.16 | 0.16 | 0.16 |
| Government | — | — | — | — | — | — | — | — | — | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 47.37 | 0.47 | 0.47 | 0.47 | 0.47 |
| Non-institutional | 13.72 | 13.94 | 12.87 | 12.56 | 11.95 | 12.20 | 11.84 | 11.67 | 12.05 | 12.65 | 0.13 | 0.15 | 0.15 | 0.15 |
| Shares outstanding | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 | 2633224000 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Power Finance Corporation Limited | Ultimate Holding Company | Any other transaction, Dividend paid | 11,801,100,000.00 | 3 |
| REC Power Development and Consultancy Limited through ANVIL | Subsidiary Company | Any other transaction | 2,092,600,000.00 | 3 |
| REC Power Development and Consultancy Limited through RS In | Subsidiary Company | Any other transaction | 1,353,000,000.00 | 3 |
| REC Foundation | Entities over which control is exe | Any other transaction | 700,000,000.00 | 1 |
| REC Power Development and Consultancy Limited | Subsidiary Company | Any other transaction, Dividend received | 623,900,000.00 | 8 |
| REC Power Development and Consultancy Limited through Trans | Subsidiary Company | Any other transaction | 530,000,000.00 | 1 |
| REC Power Development and Consultancy Limited through Techn | Subsidiary Company | Any other transaction | 480,600,000.00 | 1 |
| REC Power Development and Consultancy Limited through Lumin | Subsidiary Company | Any other transaction | 283,700,000.00 | 1 |
| REC Limited Contributory Provident Fund Trust | Employment Benefit Trust/ Fund of | Any other transaction, Interest paid | 200,900,000.00 | 4 |
| Rajathan IV H1 Power Transmission Limited | Subsidiary/ Associate of Subsidiar | Any other transaction, Interest received | 182,900,000.00 | 6 |
| Khavda IVC Power Transmission Limited | Subsidiary/ Associate of Subsidiar | Any other transaction, Interest received | 182,700,000.00 | 6 |
| Rajathan IVC Power Transmission Limited | Subsidiary/ Associate of Subsidiar | Any other transaction, Interest received | 181,900,000.00 | 6 |
| Rajasthan IVA Power Transmission Limited | Subsidiary/ Associate of Subsidiar | Any other transaction, Interest received | 181,700,000.00 | 6 |
| Rajathan IVE Power Transmission Limited | Subsidiary/ Associate of Subsidiar | Any other transaction, Interest received | 181,600,000.00 | 6 |
| Khavda IVA Power Transmission Limited | Subsidiary/ Associate of Subsidiar | Any other transaction, Interest received | 180,700,000.00 | 6 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2024-01-31 | Q3FY24 | Read the call | |
| 2023-11-06 | Q2FY24 | Read the call | |
| 2023-08-23 | Q1FY24 | LIMITED, REC LIMITED | Read the call |
| 2021-06-10 | Q4FY21 | (FINANCE) – REC LIMITED, DIRECTOR – REC LIMITED, EXECUTIVE, LIMITED, SANJAY | Read the call |
| 2020-07-03 | Q1FY21 | EXECUTIVE, FINANCE, LIMITED, MR. AJ0Y CHOUDHURY, MR. KUNAL SHAH, MR. SANJEEV KUMAR GUPTA, | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY21 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY21 |
|---|---|---|---|---|---|
| Capex | 45,000 injection which we are doing is basically making good the disbursement which we otherwise would have made through our capex program. ihal I thi… | So if I look at the overall capex opportunity, overall government outlay, then last part, correct me if I am wrong, Rs.2 lakhs Crores per annum is the… | So, we do hope that distribution companies will have CapEx requirement to replace their old distribution network. | One is capex, some capex program of the discom. | Normally in distribution company this normalcy of capex is known as capital expenditure is known for creating assets that is presently generally is 3 … |
| Capital allocation | One question is regarding the dividend payment that we will make in FY2021, will the number be similar or because of this COVTD issue and Rl31 riot ve… | — | In case of renewables, it could be related to the quality of panels, which vendor is supplying, I don't know how important land REC Limited November 0… | So, dividend yield if you see 136% we gave out in 2023 so far. | Last year you see 2019-2020, we gave a higher dividend and our profits than what DPE guidelines say. |
| Debt and cash | I think we should have a competitive spread because overail the borrowing mix we have is cost of fund and the rate at which we are lending this specia… | We say cash flow repayments towards a loan. | And yes, we are competing with other players in infrastructure, and we are targeting those infrastructure projects where revenue cash flows are assure… | We are looking for financing airport projects, ports, IT infrastructure, data centre super specialist hospital, but one thing that we are ensuring is … | — |
| Demand | DISCOMS are supposed to pay transmission companies and generators in complete, when this value chain was disturbed because on one side the supply side… | Solar and wind combination or solar with storage, wind with storage because lot of demand is there for round the clock for power supply and we have al… | Virtually, it is coming down though there will be slight increase in the coming months but still it will be at the rate of about 7.20% and not more th… | Similarly, non- power infrastructure and logistic also last year we had sanctioned Rs 85000 crore and this year we are targeting that we'll touch abou… | We are quite hopeful even about the next year you would have seen in the in the last year the electricity sector has been quite resilient despite the … |
| Guidance | As of mow, we are keeping our annual borrowing program at the same level because in the mitial months we expect that the capex programs will be sotnev… | I had a related question on the net NPA guidance as MD sir has just mentioned that we are planning to resolve nine projects this year which total amou… | So, that first half has put up a very strong upbeat tone, so what is our growth outlook for the next two years? - Management – REC Limited: - So, we h… | With this I would like to assure all the investors that REC is committed to keep this growth trajectory of 20 percent in our assets under management a… | We expect it to be a better year than the last year. |
| Margin | A couple of questions from my side firstly, since ihe repricing of loans happens once iii three years and with Ihe funding cosl also coming down for u… | Margin is one thing but we are also very conscious about asset quality so both will go hand in hand so we think that going forward as I said our sprea… | So that's the reason why our margins were uder pressure compared to Y-o-Y but sequentially, we want to take our net interest margin to 3.5%, I think, … | Our spread increased to 2.82% and our net interest margin is about 3.52%. | I really do not know what point I got disconnected but I think I was saying that we reduced our rate of interest and that will again help us in gettin… |
| Pricing | — | — | And what is the pricing there? - Management – REC Limited: - Virtually, we are raising through different currencies. | — | — |
| Revenue growth | — | With regard to disbursements, we have seen a growth of 174%. | — | At the end of 31st December 2023, our profit after tax stands at Rs 10003 crore a growth of about 24%. | — |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2020-07-03 | Q1FY21 | MR. SANJEEV KUMAR GUPTA | As of mow, we are keeping our annual borrowing program at the same level because in the mitial months we expect that the capex programs will be sotnevhat impacted and our disbursemeist will be slow in such capex program and of this 90,000 Crores also 45,000 Crores will be share ofREC, will make for part of it, but going forward we will see and revtew the position. |
| 2020-07-03 | Q1FY21 | MR. AJ0Y CHOUDHURY | We might as well lower our borrowings from the bond market ifwe find it is not to our liking but we believe that given the kind of liquidity that is available today we should be able to raise around 60,000 Crores front the bond market this year. |
| 2020-07-03 | Q1FY21 | MR. SANJEEV KUMAR GUPTA | FY202 I should be much better year. ve do not expect that the currency to depreciate further and we have very healthy loan book with the incremental disbursement to the tune of almost Rs.75,000 Crores- Rs.80.tiOti Crores So. thai should give us a fair increase in our margins and we expect much better return on our nd worlh. |
| 2020-07-03 | Q1FY21 | MR. SANJEEV KUMAR GUPTA | We expect to have 0% slippages on Ihc state sector projects. |
| 2023-08-23 | Q1FY24 | REC LIMITED | So just wanted to get a sense as to when these disbursements will start and what would be the quantum of disbursements we are envisaging under this scheme for FY2024 and FY2025 and the second question is for your guidance of Rs.10 lakhs Crores of loan book by FY2030 that if I just back calculate that ends to about a 12% growth in AUM so is that kind of a conservative guidance as of now because considering the traction and the amount of hope that we have on the renewable side and the infra side, is this is a more conservative guidance from your end because the growth does not look to be very hi |