CESC Ltd. News and Updates

Name: Latest research reports of CESC Ltd. authored by Sharekhan and published by - Trendlyne research reports.
Item: CESC Ltd.
Rating: 5
Author: Sharekhan

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CESC Ltd.

24 Dec 2020, 12:00AM

175.14

-1.68%

CESC

Buy: CESC Ltd.

Sharekhan

CESC's management indicated that power demand in Kolkata (key area of operation) has normalised and impact of COVID-19 (lower PLF-related incentive) has passed; company has guided for 9% y-o-y growth in PAT in H2FY21. Turnaround of Dhariwal Infrastructure (guided for PAT of Rs. 75-80 crore for FY21 versus loss of Rs. 10 crore in FY20) to sustain as PLF of Chandrapur plant has improved. Rajasthan DF losses would reduce in FY21 and is expected to turn profitable by FY22. Consistent improvement in performance of subsidiaries would aid gradual re-rating of CESC. Concerns of higher receivables (at Rs. 2,000 crore as of September versus normal levels of...

CESC Ltd. has gained 20.69% in the last 6 Months

CESC Ltd.

24 Dec 2020, 12:00AM

175.14

-1.68%

CESC

Buy: CESC Ltd.

Sharekhan

CESC Ltd. is trading above all available SMAs

CESC Ltd.

07 Dec 2020

175.14

-1.68%

In Oct'20, the pending dues of power distribution companies (discoms) to power generation...

Buy: CESC Ltd.

Target

Emkay

Discoms in key states Rajasthan, Tamil Nadu, Uttar Pradesh, Karnataka, Maharashtra, J&K; and Telangana account for 79% of the total overdue to gencos. Disbursements under the Atmanirbhar scheme have been very slow due to the reluctance or delay on the part of state governments to adhere to the stringent norms put forth by the PFC and the REC. So far, total loans of Rs1.18tn and Rs311bn have been sanctioned and disbursed to discoms by the PFC and the REC, respectively. We are of the opinion that discoms' overdues could take a while to moderate with the revival in demand that could further increase power offtake. However, the improvement in...

CESC Ltd. is trading above all available SMAs

CESC Ltd.

09 Nov 2020

175.14

-1.68%

CESC

Hold: CESC Ltd.

Target

ICICI Securities Limited

Energy sold during Q2FY21, in the standalone business, fell 10.9% at 260.2 crore units vs. our estimate of 290.2 crore units while realisation was at | 7.6/kWhr vs. our expectation of 7.7 kWhr. Total generation was down 10.1% YoY at 154 crore units. PLF of the Budge Budge and southern plants for Q2FY21 were at 93% (94% in Q2FY20) and 0% (36% in Q2FY20) respectively. Revenues came in at | 1989 crore vs. our estimate of | 2234.9 crore, mainly on account of lower than expected energy sold. On the other hand, consolidated revenues came in at | 2990 crore, flat YoY indicating pick...

CESC Ltd. has gained 20.69% in the last 6 Months

CESC Ltd.

06 Nov 2020

175.14

-1.68%

CESC posts Rs 371 crore net profit for September quarter

Moneycontrol

The company had posted a consolidated net profit of Rs 366 crore in the corresponding period of last year, a BSE filing said.

CESC Ltd. is trading above all available SMAs

CESC Ltd.

10 Sep 2020

175.14

-1.68%

Buy CESC: target of Rs 851: ICICI Securities

Moneycontrol

ICICI Securities is bullish on CESC recommended buy rating on the stock with a target price of Rs 851 in its research report dated September 09, 2020.

CESC Ltd. has gained 20.69% in the last 6 Months

CESC Ltd.

09 Sep 2020

175.14

-1.68%

Covid-19, cyclone Amphan batter CESC, subsidiaries hold out hope

livemint

With the government easing restrictions and industry, commercial activities resuming, the mainstay Kolkata electricity distribution business can improve in the current quarter

CESC Ltd. has gained 20.69% in the last 6 Months

CESC Ltd.

09 Sep 2020

175.14

-1.68%

Buy CESC; target of Rs 760: Motilal Oswal

Moneycontrol

Motilal Oswal is bullish on CESC recommended buy rating on the stock with a target price of Rs 760 in its research report dated September 08, 2020.

CESC Ltd. has an average target of 196.50 from 2 brokers.

Buy CESC; target of Rs 825: Sharekhan

Moneycontrol | 09 Sep 2020

CESC Ltd.

08 Sep 2020

175.14

-1.68%

CESC

Buy: CESC Ltd.

Sharekhan

CESC Limited's (CESC) Q1FY2021 standalone PAT declined by 38.2% y-o-y (down by 46.4% q-o-q) to Rs. 134 crore, below our estimate of Rs. 193 crore due to lower plant-load factor (PLF) based incentive income as volume slumped by 30.7% y-o-y to 2,118 million units and higher per unit cost of electricity purchased (up 15% y-o-y). However, the decline of 14.7% y-o-y in the consolidated PAT to Rs. 198 crore was much lower as compared to the decline in PAT for the standalone business due to: 1) better profitability of Dhariwal Infrastructure (PAT of Rs. 24 crore versus a net loss of Rs. 24 crore in Q1FY2020) and 2) reduction in losses at distribution franchisee...

CESC Ltd. is trading above all available SMAs

CESC Ltd.

08 Sep 2020

175.14

-1.68%

S/A impacted by lower volumes

Buy: CESC Ltd.

Target

Motilal Oswal

This, given the lack of a revised tariff order, impacted efficiency Consolidated PAT decreased ~15% YoY to INR2.0b in the quarter, partly supported by an improved performance at Dhariwal. Dhariwal reported profit of INR240m (v/s loss of ~INR240m in 1QFY20) on account of a new PPA signed and the pass-through of higher coal cess in tariff. Dhariwal had signed a 185MW PPA with Maharashtra in 3QFY20, and the same has been extended up to 31 Losses at DFs in Rajasthan declined to INR330m in 1QFY21, from INR530m in 1QFY20, despite lower demand. The stock trades at an attractive ~6x FY22E P/E, even as earnings visibility at Dhariwal improves, and factoring the tightening of norms at Haldia and S/A. We also expect the performances of DFs to improve as it gains a better understanding of the circles and leverages from its experience in CESCs generation assets generate healthy FCF.