CESC Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for CESC, BSE:500084 CESC Ltd.

CESC Ltd.

17 Jun 2021

169.04

1.97%

Modest recovery in the standalone business

Buy: CESC Ltd.

Target

Motilal Oswal

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...

Number of FII/FPI investors increased from 233 to 245 in Sep 2025 qtr.

CESC Ltd.

14 Jan 2021

169.04

1.97%

CESC

Hold: CESC Ltd.

Target

ICICI Securities Limited

Energy sold in Q3FY21, in the standalone business, grew 1.8% to 215.7 crore units vs. our estimate of 221.7 crore units while realisation was at | 7.69/kWHR vs. our expectation of 7.8 kWHR. Total generation was down 1.2% YoY at 120.9 crore units. PLF of the Budge Budge and southern plants for Q3FY21 was at 71% (69% in Q3FY20) and 13% (26% in Q3FY20), respectively. Revenues came in at | 1659 crore vs. our estimate of | 1729.3 crore, mainly on account of lesser-than-expected energy sold. On a consolidated basis, revenues came in at | 2539 crore, up 8.3%, which was...

CESC Ltd. has an average target of 199.50 from 2 brokers.

CESC Ltd.

13 Jan 2021

169.04

1.97%

Dhariwal, DF performances continue to improve

Buy: CESC Ltd.

Target

Motilal Oswal

CESC's 3Q results highlight volume recovery in the S/A business. Volumes in S/A were just 1% YoY lower (v/s 1H: -21% YoY). S/A PAT was up 3% YoY. Consol. PAT, on the other hand, grew 21% YoY, partly led by profit at Dhariwal and improved performance at Crescent & Surya. Performances at Dhariwal and distribution franchises (DFs) would continue to improve. Furthermore, the co. has declared an interim dividend of INR45/sh, highlighting the co.'s willingness to return excess cash. Despite factoring in the tightening of norms at Haldia and S/A, the stock trades...

CESC Ltd. has an average target of 199.50 from 2 brokers.

CESC Ltd.

24 Dec 2020

169.04

1.97%

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 an average target of 199.50 from 2 brokers.

CESC Ltd.

24 Dec 2020

169.04

1.97%

CESC

Buy: CESC Ltd.

Sharekhan

CESC Ltd. has an average target of 199.50 from 2 brokers.

CESC Ltd.

07 Dec 2020

169.04

1.97%

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 below its 30 day SMA of 171.0

CESC Ltd.

09 Nov 2020

169.04

1.97%

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 an average target of 199.50 from 2 brokers.

CESC Ltd.

08 Sep 2020

169.04

1.97%

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 its 200 day SMA of 165.3

CESC Ltd.

08 Sep 2020

169.04

1.97%

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.

CESC Ltd. is trading below its 30 day SMA of 171.0

CESC Ltd.

30 Jun 2020

169.04

1.97%

CESC

Buy: CESC Ltd.

Target

Sharekhan

Loss at Dhariwal Infrastructure reduced to Rs. 10 crore in FY2020 as compared to Rs. 93 crore in FY2019. Loss at distribution franchisee shrunk to Rs. 38 crore in FY2020 as compared to Rs. 60 crore in FY2019....

CESC Ltd. is trading above its 200 day SMA of 165.3

Is CESC Ltd. worth buying?

797 Votes:

Buy 80.43%

Sell 9.54%

Hold 10.04%

RESEARCH REPORTS

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