CESC's net profit has increased by 1.6% yoy to Rs2.48bn v/s our estimate of Rs 1.9bn in 4QFY16 while the Company's revenue surged 4.4% during the quarter notwithstanding lower generation by standalone plants (down 22% yoy) on account of higher power purchased (up 77% yoy) from its subsidiary plant. As the stock price has gained by 25% in last 3 months mainly on account of signing of Power Purchase Agreement (PPA) with TN Generation & Distribution Corporation (TANGEDCO) & Noida State Electricity Board (SEB), we have revised our recommendations from BUY to ACCUMULATE with an upwardly revised Target Price of Rs620....