Rural Electrification Corporation announces half-yearly financial results

New Delhi [India] Nov. 6 (ANI): Rural Electrification Corporation Limited (REC) on Monday declared financial results for the quarter and half year ended on September 30, 2017.

Company Chairman and MD PV Ramesh said that company has overcome the stagnation caused by early prepayment by the Centre's Ujwal discom Assurance Yojana (Uday) and expects growth in business in the coming months.

"We have contained NPAs (non performing assets). Gross NPAs stands 2.54 percent as on September 30, 2017 as against 2.60 percent as on June 30, 2017," Ramesh said.

He further added that under the Deen Dayal Upadhyaya Gram Jyoti Yojna, 14857 villages have been electrified till today.

According to the declared results, sanctions for the half year ended September 30, 2017 are Rs. 56,168 crore as against Rs. 50,045 crore for the half year ended on September 30, 2016, registering an increase of 12 percent over the corresponding period last year.

Disbursements of the Navratna company for this half year has increased to Rs. 26,535 crore as against corresponding quarter ended September 30, 2016 of Rs. 25,908 crore, registering an increase of 2 percent.

Loan book of the company has increased by 10 percent to Rs. 2,15,845 crore as on September 30, 2017 as compared to loan book of Rs. 1,96,652 crore on September 30, 2016. Further, the outstanding borrowings are Rs. 1,75,626 crore as on September 30, 2017.

Net worth of the company has increased to Rs. 35,145 crore as against Rs. 31,778 crore on September 30, 2016, registering a growth of 11 percent.

In this half year, total income of the company is Rs. 11,290 crore, profit before Tax (PBT) of is Rs. 3,712 crore, and profit after tax (PAT) is Rs. 2,516 crore.

The book value per share of Rs. 10 each (calculated as net worth/ no. of shares) stands at Rs. 177.96 as on September 30, 2017.

Earnings per share (calculated as profit after tax/ no. of shares) for the half year ended on September 30, 2017 has been Rs. 12.74 per share of Rs. 10 each. (ANI)

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