CESC's net profit grew by 9.7% YoY to Rs2.7bn in 2QFY19 primarily owing to recognition of regulatory revenue of Rs370mn along with 7.3% YoY growth in unit sales to 2,964mn units. While its revenue grew by 6.3% YoY to Rs22bn, EBITDA grew marginally by 1.1% YoY to Rs5.5bn. Realisation remained flat at Rs7.5/kwh. Valuing CESC's power business on FCFE methodology, we maintain our BUY recommendation on the stock with a revised Target Price of Rs775...