Annual Report | 2020-21

REC Limited
BALANCE SHEET AS AT 31ST MARCH 2021
(₹ in Crores)
S. Particulars No. Note No.
ASSETS
(1) Financial Assets
(a) Cash and cash equivalents 6
(b) Bank balances other than (a) above 7
(c) Derivative financial instruments 8
(d) Loans 9
(e) Investments 10
(f) Other financial assets 11
Total - Financial Assets (1)
(2) Non-Financial Assets
(a) Current tax assets (net) 12
(b) Deferred tax assets (net) 13
(c) Investment Property 14
(d) Property, Plant & Equipment 15
(e) Capital Work-in-Progress 15
(f) Intangible Assets Under Development 15
(g) Other Intangible Assets 15
(h) Other non-financial assets 16
Total - Non-Financial Assets (2)
Total ASSETS (1+2)
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Derivative financial instruments 8
(b) Debt Securities 17
(c) Borrowings (other than debt securities) 18
(d) Subordinated Liabilities 19
(e) Other financial liabilities 20
Total - Financial Liabilities (1)
(2) Non-Financial Liabilities
(a) Current tax liabilities (net) 21
(b) Provisions 22
(c) Other non-financial liabilities 23
Total - Non-Financial Liabilities (2)
(3) EQUITY
(a) Equity Share Capital 24
(b) Instruments Entirely Equity In Nature 25
(c) Other equity 26
Total - Equity (3)
Total - LIABILITIES AND EQUITY (1+2+3)
Company Overview and Significant Accounting Policies 1 to 5
Accompanying Notes to Financial Statements 1t
For and on behalf of the Board
J.S. Amitabh
ED & Company Secretary
Ajoy Choudhury
Director (Finance) DIN - 06629871
In terms of our Audit Report of even date
Sanjay Malhotra
Chairman & Managing Director DIN - 00992744
For S.K. Mittal & Co.
Chartered Accountants Firm Reg. No.: 001135N
For O.P. Bagla & Co. LLP.
Chartered Accountants
Firm Reg. No.: 000018N/N500091
Place : New Delhi
Date : 28th May 2021
S. Murthy
Partner
M.No. : 072290
Atul Aggarwal
Partner
M.No. : 092656
136
 Current Assets =
Total Assets=
Current liabilities=
As at As at Total Liabilities=
31-03-2021 31-03-2020
Inventories=
1,140.49 1,678.03
1,929.06 2,021.96 Current ratio=
2,311.22 3,318.85 Quick Ratio=
365,261.49 312,083.50
1,909.77 2,313.21
24,399.21 22,081.59
396,951.24 343,497.14 Earnings available for equity shareholders=
Total number of outstanding equity shares=
160.07 392.66 Shareholder's equity=
2,437.71 2,034.32
0.01 0.01 Earnings per share=
260.12 153.00 Return on Equity(%)=
335.67 287.62 Debt to equity ratio=
0.77 0.77
6.10 8.80 Total assets=
81.50 113.27 Net revenue=
3,281.95 2,990.45
400,233.19 346,487.59 Total assets turnover ratio(%)

846.31 1,325.73
237,328.06 219,977.22
85,507.36 61,543.61
6,946.89 4,819.65
25,943.11 23,562.70
356,571.73 311,228.91

10.62 -
103.96 106.51
120.51 75.61
235.09 182.12

1,974.92 1,974.92
 558.40 -
40,893.05 33,101.64
43,426.37 35,076.56
400,233.19 346,487.59

1 to 63
 397,111.31
400,233.19
112,296.78
356,806.82

3.536266222
3.536266222

able for equity shareholders= 8,361.78

of outstanding equity shares= 1,974,918,000
areholder's equity= 43,426.37

gs per share= 42.33988449141

on Equity(%)= 19.25507473915
bt to equity ratio= 8.216363007085

400,233.19
35410.44

8.847452157
Annual Report | 2020-21
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2021
(₹ in Crores)
S. Particulars No. Note No.
Revenue from Operations
(i) Interest Income 27
(ii) Dividend Income 28
(iii) Fees and Commission Income 29
(iv) Net translation/ transaction exchange gain
(iv) Net gain/ (loss) on fair value changes 34
I. Total Revenue from Operations (i to iv)
II. Other Income 30
III. Total Income (I+II)
Expenses
(i) Finance Costs 31
(ii) Net translation/ transaction exchange loss 32
(iii) Fees and commission Expense 33
(iv) Impairment on financial instruments 35
(v) Employee Benefits Expenses 36
(vi) Depreciation and amortization 37
(vii) Corporate Social Responsibility Expenses 38
(viii) Other Expenses 39
IV. Total Expenses (i to viii)
V. Profit before Tax (III-IV)
VI. Tax Expense 40
(i) Current tax
(ii) Deferred Tax
Total Tax Expense (i+ii)
VII. Profit for the year
Other comprehensive Income/(Loss)
(i) Items that will not be reclassified to profit or loss
(a) Re-measurement gains/(losses) on defined benefit plans
(b) Changes in Fair Value of FVOCI Equity Instruments
(c) Income tax relating to these items
- Re-measurement gains/(losses) on defined benefit plans
- Changes in Fair Value of FVOCI Equity Instruments
Sub-Total (i)
(ii) Items that will be reclassified to profit or loss
(a) Effective Portion of Cash Flow Hedges
(b) Cost of hedging reserve
(c) Income tax relating to these items
- Effective Portion of Cash Flow Hedges
- Cost of hedging reserve
Sub-Total (ii)
VIII. Other comprehensive Income/(Loss) for the year (i+ii)
IX. Total comprehensive Income for the year (VII+VIII)
X. Basic & Diluted Earnings per Equity Share of ₹ 10 each (in 41
₹
(1)) For continuing operations
(2) For continuing and discontinued operations
Company Overview and Significant Accounting Policies 1 to 5
Accompanying Notes to Financial Statements 1t
For and on behalf of the Board
J.S. Amitabh
ED & Company Secretary
Ajoy Choudhury
Director (Finance) DIN - 06629871
In terms of our Audit Report of even date
Sanjay Malhotra
Chairman & Managing Director DIN - 00992744
For S.K. Mittal & Co.
Chartered Accountants Firm Reg. No.: 001135N
For O.P. Bagla & Co. LLP.
Chartered Accountants
Firm Reg. No.: 000018N/N500091
Place : New Delhi
Date : 28th May 2021
S. Murthy
Partner
M.No. : 072290
Atul Aggarwal
Partner
M.No. : 092656
137
MARCH 2021

Year ended 31-03-2021 Year ended 31-03-2020

34,683.78 29,663.07
36.40 89.04
95.38 38.95
- -
572.33 (25.85)
35,387.89 29,765.21
22.55 63.92
35,410.44 29,829.13

21,489.08 18,997.05
330.26 2,357.90
9.95 25.44
2,419.62 889.56
144.84 175.79
9.53 10.00
144.32 258.40
106.71 131.70
24,654.31 22,845.84
10,756.13 6,983.29

2,906.90 1,615.87
(512.55) 481.26
2,394.35 2,097.13
8,361.78 4,886.16

(14.26) (2.87)
166.53 (129.20)

3.59 0.72
(6.01) 12.39
149.85 (118.96)

80.81 (302.12)
329.00 (273.61)

(20.34) 76.04
(82.80) 68.86
306.67 (430.83)
456.52 (549.79)
8,818.30 4,336.37

42.34 24.74
42.34 24.74
1 to 63
EBIT= ###
Net profit= 8,361.78
Revenue= ###

Operating profit margin(%) 91.06131

Net profit margin(%) 23.61388

Earnings per share= 42.34 current share price= 131.15

P/E ratio= 3.09754

Interest expenses/ finance cost ###

Times interest earned ratio/ int 1.500539

Annual Report

2019-20 REC Limited

BALANCE SHEET AS AT 31ST MARCH 2020
(₹ in Crores)

S. Particulars Note As at 31.03.2020

ASSETS No.
(1) Financial Assets
(a) Cash and cash equivalents 6 1,678.03
(b) Other bank balances 7 2,021.96
(c) Derivative financial instruments 8 3,318.85
(d) Loans 9 312,083.50
(e) Investments 10 2,313.21
(f) Other financial assets 11 22,081.59
Total - Financial Assets (1) 343,497.14
(2) Non-Financial Assets
(a) Current tax assets (net) 12 392.66
(b) Deferred tax assets (net) 13 2,034.32
(c) Investment Property 14 0.01
(d) Property, Plant & Equipment 15 153.00
(e) Capital Work-in-Progress 15 287.62
(f) Intangible Assets Under Development 15 0.77
(g) Other Intangible Assets 15 8.80
(h) Other non-financial assets 16 113.27
Total - Non-Financial Assets (2) 2,990.45
Total ASSETS (1+2) 346,487.59
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Derivative financial instruments 8 1,325.73
(b) Debt Securities 17 219,977.22
(c) Borrowings (other than debt securities) 18 61,543.61
(d) Subordinated Liabilities 19 4,819.65
(e) Other financial liabilities 20 23,562.70
Total - Financial Liabilities (1) 311,228.91
(2) Non-Financial Liabilities
(a) Provisions 21 106.51
(b) Other non-financial liabilities 22 75.61
Total - Non-Financial Liabilities (2) 182.12
(3) EQUITY
(a) Equity Share Capital 23 1,974.92
(b) Other equity 24 33,101.64
Total - Equity (3) 35,076.56
Total - LIABILITIES AND EQUITY (1+2+3) 346,487.59
Accompanying Notes to Financial Statements 1 to 62
 For and on behalf of the Board
J.S. Amitabh
ED & Company Secretary
Ajoy Choudhury
tor (Finance) DIN - 06629871
of our Audit Report of even date
Sanjeev Kumar Gupta
CMD and Director (Technical) DIN - 03464342
For S.K. Mittal & Co.
Chartered Accountants Firm Reg. No.: 001135N
For O.P. Bagla & Co. LLP.
Chartered Accountants
Firm Reg. No.: 000018N/N500091
Place: New Delhi
Date: 17th June 2020
Gaurav Mittal
Partner
M.No. : 099387
Atul Aggarwal

Partner

M.No. : 092656

140
As at
31.03.2019
Current Assets = 343,889.80
342.94 Total Assets= 346,487.59
1,253.31 Current liabilities= 86,432.04
1,802.58 Total Laibilities= 311,411.03
270,450.92
2,397.62 Inventories= 0
18,342.48
294,589.85 Current ratio= 3.97873057259785
Quick Ratio= 3.97873057259785
275.83
2,358.29
0.01
153.98 Earnings available for equity shareholders=
196.94 Total number of outstanding equity shares=
1.59 Shareholder's equity=
8.51
132.30 Earnings per share=
3,127.45 Return on Equity(%)=
297,717.30 Debt to equity ratio=

Total assets= 346,487.59

Net revenue= 29854.98
159.40
192,839.79 Total assets turnover ratio(%)= 8.61646444537884
46,662.54
4,818.76
18,751.75
263,232.24

99.58
82.54
182.12

1,974.92
32,328.02
34,302.94
297,717.30
4,886.16
1,974,918,000
35,076.56

24.7410778574
13.9299862928
8.87803792618
REC Limited
Annual Report
2019-20
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2020
(₹ in Crores)
S. Particulars Note Year ended
No
Revenue from Operations No. 31.03.2020
.(i) Interest Income 25 29,663.07
(ii) Dividend Income 26 89.04
(iii) Fees and Commission Income 27 38.95
I. Total Revenue from Operations (i to iii) 29,791.06
II. Other Income 28 63.92
III. Total Income (I+II) 29,854.98
Expenses
(i) Finance Costs 29 18,997.05
(ii) Net translation/ transaction exchange loss 30 2,357.90
(iii) Fees and commission Expense 31 25.44
(iv) Net loss on fair value changes 32 25.85
(v) Impairment on financial instruments 33 889.56
(vi) Employee Benefits Expenses 34 175.79
(vii Depreciation and amortization 35 10.00
(viii
) Corporate Social Responsibility Expenses 36 258.40
(ix)
) Other Expenses 37 131.70
IV. Total Expenses (i to ix) 22,871.69
V. Profit before Tax (III-IV) 6,983.29
VI. Tax Expense 38
(i) Current tax 1,615.87
(ii) Deferred Tax 481.26
Total Tax Expense (i+ii) 2,097.13
VII. Profit for the period 4,886.16
Other comprehensive Income/(Loss)
(i) Items that will not be reclassified to profit or loss
(a) Re-measurement gains/(losses) on defined benefit (2.87)
(b) Changes
plans in Fair Value of FVOCI Equity Instruments (129.20)
(c) Income tax relating to these items
- Re-measurement gains/(losses) on defined benefit 0.72
-plans
Changes in Fair Value of FVOCI Equity Instruments 12.39
Sub-Total (i) (118.96)
(ii) Items that will be reclassified to profit or loss
(a) Effective Portion of Cash Flow Hedges (302.12)
(b) Cost of hedging reserve (273.61)
(c) Income tax relating to these items
-Effective Portion of Cash Flow Hedges 76.04
- Cost of hedging reserve 68.86
 Sub-Total (ii) (430.83)
VIII Other comprehensive Income/(Loss) for the (549.79)
IX.
. Total
periodcomprehensive
(i+ii) Income for the period 4,336.37
X. Basic & Diluted Earnings per Equity Share of ₹ 10
(VII+VIII) 39
(1) For continuing
each (in ₹) operations 24.74
(2) For continuing and discontinued operations 24.74
Accompanying Notes to Financial Statements 1 to 62
For and on behalf of the Board
J.S. Amitabh
ED & Company Secretary
Ajoy Choudhury
r (Finance) DIN - 06629871
our Audit Report of even date
Sanjeev Kumar Gupta
CMD and Director (Technical) DIN - 03464342
For S.K. Mittal & Co.
Chartered Accountants Firm Reg. No.: 001135N
For O.P. Bagla & Co. LLP.
Chartered Accountants
Firm Reg. No.: 000018N/N500091
Place: New Delhi
Date: 17th June 2020
Gaurav Mittal
Partner
M.No. : 099387

Atul Aggarwal

Partner

M.No. : 092656

141
ARCH 2020
EBIT= 25,980.34
Year ended Net profit= 4,886.16
31.03.2019 Revenue= 29,854.98
24,971.02
113.61 Operating profit margin(%)87.0217966986
225.09 Net profit margin(%) 16.3663147656
25,309.72
31.44
25,341.16 Earnings per share= 24.74

15,641.54
521.19 Interest expenses/ finance c18,997.05
34.38
348.52 Times interest earned ratio/1.36759865348
240.33
157.53
7.17
103.39
186.61
17,240.66
8,100.50

1,791.64
545.14
2,336.78
5,763.72

(19.37)
(47.26)

6.77
(0.68)
(60.54)

-
-

-
-
 -
(60.54)
5,703.18

29.18
29.18
current share price= 88.75

P/E ratio= 3.587308

REC LIMITED
BALANCE SHEET AS AT 31ST MARCH 2019
(` in Crores)
S. Particulars Note As at
No.
ASSETS No. 31.03.2019
(1) Financial Assets
(a) Cash and cash equivalents 5 342.94
(b) Other Bank Balances 6 1,253.31
(c) Derivative financial instruments 7 1,802.58
(d) Loans 8 270,450.92
(e) Investments 9 2,397.62
(f) Other financial assets 10 18,342.48
Total - Financial Assets (1) 294,589.85
(2) Non-Financial Assets
(a) Current tax assets (net) 11 275.83
(b) Deferred tax assets (net) 12 2,358.29
(c) Investment Property 13 0.01
(d) Property, Plant & Equipment 14 153.98
(e) Capital Work-in-Progress 14 196.94
(f) Intangible Assets Under Development 14 1.59
(g) Other Intangible Assets 14 8.51
(h) Other non-financial assets 15 132.30
Total - Non-Financial Assets (2) 3,127.45
Total ASSETS (1+2) 297,717.30
LIABILITIES AND EQUITY
LIABILITIES
(1) Financial Liabilities
(a) Derivative financial instruments 7 159.40
(b) Debt Securities 16 192,839.79
(c) Borrowings (other than debt securities) 17 46,662.54
(d) Subordinated Liabilities 18 4,818.76
(e) Other financial liabilities 19 18,751.75
Total - Financial Liabilities (1) 263,232.24
(2) Non-Financial Liabilities
(a) Provisions 20 99.58
(b) Other non-financial liabilities 21 82.54
Total - Non-Financial Liabilities (2) 182.12
(3) EQUITY
(a) Equity Share Capital 22 1,974.92
(b) Other equity 23 32,328.02
Total - Equity (3) 34,302.94
Total - LIABILITIES AND EQUITY (1+2+3) 297,717.30
Accompanying Notes to Financial Statements 1 to 59
For and on behalf of the Board
J.S. Amitabh Sanjeev Kumar Gupta Ajeet Kumar Agarwal
GM & Company Secretary Director (Technical) CMD and Director (Finance)
DIN - 03464342 DIN - 02231613
In terms of our Audit Report of even date
For G.S. Mathur & Co. For A.R. & Co.
Chartered Accountants Chartered Accountants
Firm Reg. No.: 008744N Firm Reg. No.: 002744C
S.C. Choudhary Anil Gaur
Place: New Delhi Partner Partner
Date: 24th May 2019 M.No. : 082023 M.No. : 017546
150
 As at As at
31.03.2018 01.04.2017

212.00 4,465.95
1,570.07 28.44 Current Assets = 294,589.85
690.38 628.07 Total Assets= 241,669.19
228,878.25 193,934.52 Current liabilities= 18,911.15
2,824.80 2,908.56 Total Liabilities= 263,414.36
4,224.89 54.16
238,400.39 202,019.70 Inventories= 0

21.02 38.97 Current ratio= 15.577575

2,904.11 2,187.88 Quick Ratio= 15.577575
0.01 0.01
123.19 120.81
127.23 61.41
1.46 1.46 Earnings available for equity shareholders=
5.15 0.43 Total number of outstanding equity shares=
86.63 57.98 Shareholder's equity=
3,268.80 2,468.95
241,669.19 204,488.65 Earnings per share=
Return on Equity(%)=
Debt to equity ratio=

317.75 354.46 Total assets= 297,717.30

179,140.13 148,723.25 Net revenue= 25341.16
22,631.42 21,700.17
2,667.36 2,667.21 Total assets turnover ratio(%)= 8.5118198
4,299.40 244.96
209,056.06 173,690.05

220.37 214.00
89.61 32.84
309.98 246.84

1,974.92 1,974.92
30,328.23 28,576.84
32,303.15 30,551.76
241,669.19 204,488.65

Ajeet Kumar Agarwal

CMD and Director (Finance)
DIN - 02231613

For A.R. & Co.

Chartered Accountants
Firm Reg. No.: 002744C
Anil Gaur
Partner
M.No. : 017546
5,763.72
1,974,918,000
34,302.94

29.18460412
16.80240819
7.6790607452
50TH ANNUAL REPORT 2018-19
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2019
(` in Crores)
S. Particulars Note No.
Revenue from Operations
(i) Interest Income 24
(ii) Dividend Income 25
(iii) Fees and Commission Income 26
I. Total Revenue from Operations (i to iii)
II. Other Income 27
III. Total Income (I+II)
Expenses
(i) Finance Costs 28
(ii) Net translation/ transaction exchange loss 29
(iii) Fees and commission Expense 30
(iv) Net loss on fair value changes 31
(v) Impairment on financial instruments 32
(vi) Employee Benefits Expenses 33
(vii) Depreciation and amortization 34
(viii) Corporate Social Responsibility Expenses 35
(ix) Other Expenses 36
IV. Total Expenses (i to ix)
V. Profit before Tax (III-IV)
VI. Tax Expense 37
(i) Current tax
(ii) Deferred Tax
Total Tax Expense (i+ii)
VII. Profit for the period from continuing operations
(i) Items that will not be reclassified to profit or loss
(a) Re-measurement gains/(losses) on defined benefit plans
(b) Changes in Fair Value of FVOCI Equity Instruments
(c) Income tax relating to these items
- Re-measurement gains/(losses) on defined benefit plans
- Changes in Fair Value of FVOCI Equity Instruments
VIII. Other comprehensive Income/(Loss) for the period (a+b+c)
IX. Total comprehensive Income for the period (VII+VIII)
X. Basic & Diluted Earnings per Equity Share of ` 10 each (in 38
(1) `) For continuing operations
(2) For continuing and discontinued operations
Accompanying Notes to Financial Statements 1 to 59
For and on behalf of the Board
J.S. Amitabh Sanjeev Kumar Gupta Ajeet Kumar Agarwal
GM & Company Secretary Director (Technical) CMD and Director (Finance)
DIN - 03464342 DIN - 02231613
In terms of our Audit Report of even date
 For G.S. Mathur & Co. For A.R. & Co.
Chartered Accountants Chartered Accountants
Firm Reg. No.: 008744N Firm Reg. No.: 002744C
S.C. Choudhary Anil Gaur
Place: New Delhi Partner Partner
Date: 24th May 2019 M.No. : 082023 M.No. : 017546
ARCH 2019

Year ended Year ended

31.03.2019 31.03.2018
24,971.02 22,089.55
113.61 65.68
225.09 299.39
25,309.72 22,454.62
31.44 12.73
25,341.16 22,467.35

15,641.54 13,337.11
521.19 19.37
34.38 24.58
348.52 573.37
240.33 2,297.12
157.53 172.42
7.17 5.65
103.39 49.45
186.61 104.13
17,240.66 16,583.20
8,100.50 5,884.15

1,791.64 2,180.59
545.14 (716.33)
2,336.78 1,464.26
5,763.72 4,419.89

(19.37) (6.34)
(47.26) 8.48

6.77 2.20
(0.68) (0.10)
(60.54) 4.24
5,703.18 4,424.13

29.18 22.38
29.18 22.38

Ajeet Kumar Agarwal

CMD and Director (Finance)
DIN - 02231613
For A.R. & Co.
Chartered Accountants
Firm Reg. No.: 002744C
Anil Gaur
Partner
M.No. : 017546
151
EBIT= ###
Net profit= 5,763.72
Revenue= ###

Operating profit margin(%) 93.68963

Net profit margin(%) 22.7445

Earnings per share= 29.18 current share price=

P/E ratio=
Interest expenses/ finance cost= ###

Times interest earned ratio/ interest coverage ratio 1.517884

153

5.24332