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India Equity Research Reports, IPO and Stock News
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
| Rural Electrification Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange loss limits profit
For the quarter ended September 2011 REC (Rural Electrification Corporation) reported 27% rise in interest income at Rs 2514.52 crore while interest expense rose 30% to Rs 1564.87 crore leading a 22% rise in NII to Rs 949.65 crore. Interest & Finance Expenses as mentioned include Rs 34.24 crore on account of one time upfront fee paid during the quarter ended September 2011 (corresponding quarter Rs 34.67 crore) for raising of External Commercial Syndicated Loan of Rs 1367.24 crore (corresponding quarter Rs 1796.80 crore). Other income during the quarter fell 18% to Rs 55.53 crore. The Staff cost during the quarter ended September 2011 rose 17% to Rs 30.24 crore, while the other expenditure increased by 23% to Rs 14.45 crore. The ensuing Gross Profit stood at Rs 960.49 crore indicating a rise of 19% on Y-o-Y basis comparison. The Depreciation during the period under review stood at Rs 0.87 crore whi le Provision for bad and doubtful debts stood nil crore during the period under review compared to Rs 13 lakh in the corresponding previous year quarter. The company reported foreign exchange loss of Rs 125.56 crore compared to foreign exchange gain of Rs 27.26 crore in the corresponding previous year period. The Profit before Tax stood at Rs 834.06 crore similar to corresponding previous year quarter. The Tax expense during the period under review stood at Rs 212.65 crore resulting in a PAT of Rs 621.41 crore which was just 1% higher when compared with corresponding period last year.
Performance for the half year ended September 2011
For half year ended September 2011 REC (Rural Electrification Corporation) reported 25% rise in Income from Operations at Rs 4827.38 crore while interest expense rose 29% to Rs 2968.02 crore leading a 19% rise in NII to Rs 1859.36 crore. Other income during the quarter fell 3% to Rs 115.55 crore. The Staff cost during the half year ended September 2011 rose 22% to Rs 63.34 crore, while the other expenditure increased by 17% to Rs 22.41 crore. The ensuing Gross Profit stood at Rs 1889.16 crore indicating a rise of 18% on Y-o-Y basis comparison. The Depreciation during the period under review stood at Rs 1.61 crore while Provision for bad and doubtful debts stood Rs 25 crore during the period under review compared to Rs 13 lakh in the corresponding previous year quarter. The company reported foreign exchange loss of Rs 132.76 crore compared to foreign exchange gain of Rs 26.75 crore in the corresponding previous year period. The Profit before Tax stood at Rs 1729.79 crore indicating an increase of 6% on a y-o-y basis comparison. The Tax expense during the period under review stood at Rs 446.43 crore resulting in a PAT of Rs 1284.82 crore which was 7% higher when compared with corresponding period last year.
Book value of the company stood at Rs 142.53 the end of September 2011.
Currently the shares of REC Ltd are quoting at around Rs 196 at BSE.
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