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REC Announces Financial Results for the Year ended 31 March 2017 , Profit After Tax for year ended FY17 rises 11%

Dr. PV Ramesh (Chairman & Managing Director, REC) at the Q4 FY17 results press conference of Rural Electrification Corporation Limited (REC) - Photo By Sachin Murdeshwar GNS.Dr. PV Ramesh (Chairman & Managing Director, REC) at the Q4 FY17 results press conference of Rural Electrification Corporation Limited (REC) - Photo By Sachin Murdeshwar GNS.
L to R - Mr. Sanjeev Kumar Gupta (Director - Technical, REC), Mr. Ajeet Kumar Agarwal (Director - Finance, REC), Dr. PV Ramesh (Chairman & Managing Director, REC), Dr. Arun Kumar Verma (Government Nominee Director, REC) and Mr. A. Krishna Kumar at the Q4 FY17 results press conference of Rural Electrification Corporation Limited (REC) - Photo By Sachin Murdeshwar GNS

L to R – Mr. Sanjeev Kumar Gupta (Director – Technical, REC), Mr. Ajeet Kumar Agarwal (Director – Finance, REC), Dr. PV Ramesh (Chairman & Managing Director, REC), Dr. Arun Kumar Verma (Government Nominee Director, REC) and Mr. A. Krishna Kumar at the Q4 FY17 results press conference of Rural Electrification Corporation Limited (REC) – Photo By Sachin Murdeshwar GNS

Mumbai, 30 May, 2017 (GNS) : Rural Electrification Corporation Limited (REC), a Navratna Public Sector Company has declared its financial results for the quarter and year ended 31 March 2017 as approved by its Board of Directors in the meeting held on 30 May 2017.

Total Income of the Company for the year ended 31 March 2017 has increased to Rs. 24,096 crores as against corresponding year ended 31 March 2017 of Rs. 23,757 crores.

Profit before Tax (PBT) of the company for the year ended 31 March 2017 is Rs. 8,861 crores as against Rs.8,045 crores for the year ended 31 March 2016 registering an increase of 10% over the corresponding last year.

Profit after Tax (PAT) of the company for the year ended 31 March 2017 is Rs. 6,246 crores as against Rs. 5,628 crores for the year ended 31 March 2016 registering an increase of 11% over the corresponding last year.

Net worth of the company as at 31 March 2017 has increased to Rs.33,326 crores as against Rs. 28,618 crores over the corresponding last year, registering a growth of 16%.

Loan Book of the company has increased to Rs. 2,01,929 crores and the outstanding borrowings is Rs. 1,67,517 crores as on 31 March 2017.

Loan quality – Gross NPAs stand at 2.41% as at 31 March 2017 as against 2.11% as at 31 March 2016.

Interest Coverage Ratio has improved to 1.64% as at 31 March 2017 as against 1.56% as at 31 March 2016.

The Authorised Capital of the Company as at 31 March 2017 is Rs. 5,000 crores. During the year, the Company had allotted bonus shares to its shareholders in the proportion of one bonus share of ` 10/- each for every existing one fully paid-up share of ` 10/- each. Accordingly, the paid-up capital increased to Rs. 1,974.92 crores from ` 987.46 crores, post bonus shares.

The book value per share of Rs. 10/- each (calculated as Net worth/ No. of Shares) stands at Rs. 168.75 as at 31 March 2017.

Earnings per Share (EPS) (calculated as Profit after Tax/ No. of Shares) for the year ended 31 March 2017 has been Rs. 31.63 per share of Rs. 10/- each as against Rs. 28.50 per share for the year ended 31 March 2016.

The Company had declared an interim dividend for the FY 2016-17 of Rs. 7/- per equity share of Rs. 10/- each. Further, the Board of Directors has recommended final dividend of Rs. 2.65 per share (on face value of Rs. 10/- each) for the year 2016-17, subject to approval of the Shareholders in the ensuing Annual General Meeting. The total dividend (including interim dividend) for the financial year 2016-17 is Rs. 9.65 per share (on face value of Rs. 10/- each).Ends.