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
