Dhariwal turns profitable, performance of DFs to improve CESC's 4QFY21 result highlights a modest recovery in the standalone business. Volumes in the standalone entity improved, but grew just 6% YoY on a low base. Standalone PAT rose 8% YoY, while consolidated PAT fell 4%, led by lower profit at Dhariwal and Crescent and Surya. Dhariwal has turned profitable, and DFs are showing signs of improvement. CESC's integrated business in Kolkata generates a high RoE and strong cash flows. We factor in tightening of norms at Haldia and for the standalone...