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Energy infrastructure, India

India Earnings Season: REC does better than the rupee.

REC’s revenues grew to INR 27 bln or $520mln in the current Q3 again building a 25% topline growth in rupee terms as a rupee lender, it will not face much losses from ECb/FCCB having finely priced QIPs as it reported a INR7.7 bln for the quarter or $ 154 mln

REC grew advances to INR 813 bln or $16.3 bln with Tier I&II Capital of INR 148 bln or $2.8 bln approx

3 month PAT is just $400 mln

Its NIMs are low but consistent at 3% and it has not been plagued by its SEB portfolio’s NPAs. REC would have been hedging its loans with SEBs as lease backs or to first lien but the rest is for a full day to the company later. My last quarter’s review should have been useful as well as last year’s NTPC/other PSE dealmaking coverage

PFC however is likely to be watched for NPAs and PTC facing other implementation troubles with its Hydro elec projects

 

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  1. Pingback: REC / infra Projects Slowdown « A blog of blogs - January 27, 2012

  2. Pingback: INR 18k crores windfall for PSE banks « A blog of blogs - February 3, 2012

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