Page 56 - August-2020-Issue

REC Declares Financial Results for FY 2019-20

Total Income Increases by 18% to ` 29,855 cr. Net Interest Income Rises by 15%

he Board of Directors of impacted due to sharp deprecia- the regulatory requirement, the
REC Ltd (formerly Rural tion in the indian currency during Company has also raised sub-
TElectrification Corporation Q4 FY20 owing to the volatility in ordinated bonds amounting to
Limited) approved the audited global financial markets caused `2,000 cr. in June 2020 to further
standalone and consolidated fi- by CoviD-19 outbreak. This cushion the regulatory capi-
nancial results for FY 2019-20. led the company to end the year tal for future business growth.
with the Net Profit of ` 4,886 cr. During the CoviD-19 disrup-
Operational and Financial and Earnings Per Share (EPS) of tions, the Company extensively
Highlights – FY20 vs FY19 ` 24.74. The loan book has grown leveraged the digital technol-
• Sanctions - ` 1,10,908 cr. vs. by 15% as it increased from ` 2.81 ogy for review & monitoring,
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` 1,15,957 cr. lakh cr. as at 31 March 2019 to ` information-sharing and knowl-
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• Disbursements - ` 75,667 cr. vs. 3.22 lakh cr. as at 31 March 2020. edge management. The strong
` 72,165 cr., up 5% Despite the economic disrup- information Technology capabil-
• Total Income – ` 29,855 cr. vs. tions during the last few days of ity coupled with the availabil-
` 25,341 cr., up 18% the financial year, the company ity of E-Office and ERP appli-
• Net Profit – ` 4,886 cr. vs disbursed loans amounting to cations through secure virtual
Private Network (VPN) allowed
` 6,474 crores during the pe-
` 5,764 cr. riod 17 to 31 March 2020, the Company to continue the
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During the year ended 31 March while ending the year with business operations without any
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2020, the total income of the disbursements of ` 75,667 cr. disruptions due to lockdown.
company increased by 18% to With Capital Adequacy Ratio While the Company allowed an
` 29,855 cr. as against `25,341 at 16.06%, the Net Worth of the ‘opt-in’ policy for moratorium
cr. for the year 2018-19. The Net Company has increased from for the amounts falling due be-
interest income also posted an ` 34,303 cr. as at 31 March 2019 to tween 1 March 2020 to 31 May
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increase of 15% to reach `10,425 cr. ` 35,077 cr. as on 31 March 2020 2020, the Company has already
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during the current year. However, with a book value per share of recovered more than 78% of the
inspite of the healthy operational ` 178. While the Capital Adequacy total recoveries of ` 9,500 cr. due
performance, the profits were Ratio stays comfortably above for March 2020.
PERSONALIA

Mr. Sumit Deb Mr. Shrikant Madhav Vaidya Ms. Parminder Chopra Mr. Anupam Misra
assumes charge as assumes charge as assumes charge as assumes charge as Director
CMD of NMDC Limited. Chairman of IOCL. Director (Finance), PFC. (Mktg.) of FACT.

Mr. Nuka Srinivasulu Mr. Ramesh Kumar Dash Mr. Alok Kumar Gupta Mr. M. T. Mukarram
assumes charge as Director assumes charge as Director assumes charge as assumes charge as Director
(Finance) of Bharat (F) & CFO of Garden Reach Director (Operations) ONGC (Finance) PGCIL.
Dynamics Limited Shipbuilders & Engineers Videsh Limited.
Limited.
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56 KaleidOscope August, 2020