CESC reported net profit of Rs1.12bn, up 0.9% yoy (in line with our estimate of Rs1.12bn) in 3QFY16. CESC put up a good show in revenue which came in high 23.1% yoy due to greater number of units sold (up 13.9% yoy) and higher realizations (up 8.0% yoy). In the past, cancellation of captive mine, Sarisatolli coal block had impacted the CESC share price. However, at current price, the stock is trading at 0.6x FY18E BV, which in our view is attractively valued mainly on account of commissioning of plants, improvement in retail business showing positive EBITDA at the store levels and better operating...