CESC Ltd. share price target

The staff expenditure stood at `1,930 mn (-3.5% q/q; +4.9% y/y) and other expenditure stood at `8,570 mn (+0%q/q; +22.8% y/y) .Consequently, EBITDA margin stood at 19.4% (-990 bps q/q;-290 bps y/y). Depreciation stood at `980mn (-1% q/q; +10% y/y) .Interest expense stood at `1,080 mn (-6.9% q/q; +0.0% y/y). This decrease q/q was mainly due to lower...

Revenue decreased by 19.41% to Rs. 1574.0 Cr in Q3FY17 when compared to the previous quarter. On the other hand, it rose by 3.08% when compared with Q3FY16.

CESC reported better-than-expected Q3FY17 results on account higher-than-expected traded volume from the subsidiary. The power purchase from subsidiary increased 23% YoY to 129 crore units Lower fuel costs in the base business also helped EBITDA and profitability. The base business saw a decline in generation to the tune of 26.8% YoY to 117 crore unit. Revenues came in at | 1620 crore vs. our estimate of | 1542.5 crore Absolute EBITDA came in at | 315 crore, which was in line with our...

CESCs 3QFY17 result was ahead of our estimates led by Ind-AS adjustment on contribution from customers (Rs 410mn) and higher merchant sales (35 MUs vs. 7 MUs QoQ). These gains were partly negated by the WBERC order disallowing recovery of a negative bid on its captive mine. Consequently, PAT at Rs 1.5bn grew marginally by 5% YoY.

567 sq km of licensed area in Kolkata since 1897 serving 3 million consumers. This includes domestic, industrial and commercial users. Currently, on a standalone basis, CESC owns...

Tax expense stood at `1050 mn (+16.7% q/q;-3.7% y/y). Consequently, PAT stood at `2420 mn (+39.1% q/q; +3.9% y/y). Long term debt-equity ratio stood at ~0.6. T&D; losses remained at < ~12%. CESC got distribution franchisee in 2 cities Kota and Bharatpur (Rajasthan)....

ICICI Securities Ltd | Retail Equity Research CESC reported better than expected Q2FY17 results on the back of higher than expected sales and lower fuel costs. Net sales came in at | 2016 crore as per the new Ind AS. This is higher as compared to the estimates of |1780 crore. The reason for higher than expected revenues came can be attributed to higher purchase of power from its subsidiary Haldia Energy. CESC's own generation was down 13.2% YoY while power purchase went up 59% YoY....

CESCs 2QFY17 result was ahead of our estimates led by continued growth in power demand (3.4% for 2QFY17 and 6.0% for 1HFY17) and contribution from merchant sales (7mn units in 2QFY17). PAT at Rs 2.4bn was flat as the increase in tariff was negated by the recent WBERC order disallowing recovery of negative bid on its captive mine.

At CMP, the stock trades at 0.8x FY18E BV, which in our view is attractive mainly due to commissioning of plants, improvement in retail business with positive EBITDA at store levels (Spencer's Retail) and better operating performance of First Source. Hence, we reiterate our...

WBERC has released its tariff order for FY17 17 for CESC, wherein they have adjusted the negative bid for the Sarastolli coal block that was won by CESC at a negative bid (reverse bidding) of `470/tn....