CESC

₹141.8 2 | 1.4%

WEBSITE BSE:500084 NSE : CESC LTD. 10 May, 16:01

Market Cap ₹18797 Cr.

Stock P/E 13.4

P/B 1.6

Current Price ₹141.8

Book Value ₹ 89

Face Value 1

52W High ₹157.6

Dividend Yield 3.17%

52W Low ₹ 68.7

Edit Ratio

CESC Research see more...

Overview Inc. Year: 1978Industry: Power Generation/Distribution

CESC Ltd is an primarily India-based organisation, that is typically engaged in the generation and distribution of electricity. Its operation spanning the value chain from mining coal, generating power and distribution of energy. Its corporations include Kolkata operations in addition to other generation and distribution ventures. Its Kolkata operations consist of distribution of electricity, with its personal generation facilities, across its certified vicinity in Kolkata, Howrah, Hooghly, North and South 24 Parganas, West Bengal. Its generation initiatives include operational thermal and renewables tasks with a cumulative generation ability of about 800 megawatts (MW), which can be owned and operated via its subsidiaries. It has distribution license for Greater Noida, Uttar Pradesh; about three distribution franchisees (DFs) in Kota, Bharatpur and Bikaner in Rajasthan; and its new DF in Malegaon, Maharashtra. Its subsidiaries comprises Haldia Energy Ltd and Surya Vidyut Ltd, amongst others.

CESC Share Price

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Peer Comparison

CESC Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	3494	2826	3011	4102	3913	3129	3102	4310	4352	3244
Other Income	40	126	81	44	64	95	106	59	62	57
Total Income	3534	2952	3092	4146	3977	3224	3208	4369	4414	3301
Total Expenditure	2554	1999	1987	3305	3066	2302	2148	3322	3345	2338
Operating Profit	980	953	1105	841	911	922	1060	1047	1069	963
Interest	278	273	298	265	274	289	289	308	305	296
Depreciation	222	221	223	217	221	219	221	300	303	303
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	480	459	584	359	416	414	550	439	461	364
Provision for Tax	140	119	139	62	97	78	105	71	98	63
Profit After Tax	340	340	445	297	319	336	445	368	363	301
Adjustments	-5	-11	-21	-11	-14	-17	-12	-21	-15	-20
Profit After Adjustments	335	329	424	286	305	319	433	347	348	281
Adjusted Earnings Per Share	2.5	2.5	3.2	2.2	2.3	2.4	3.3	2.6	2.6	2.1

CESC Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	7557	10111	11067	12124	8363	10275	10664	12159	11632	12544	14246	15008
Other Income	182	185	160	265	300	284	224	263	294	291	309	284
Total Income	7739	10296	11227	12389	8664	10559	10888	12422	11926	12835	14555	15292
Total Expenditure	6258	8422	9095	9048	5585	7267	7761	8952	8391	9524	11973	11153
Operating Profit	1481	1875	2132	3342	3079	3292	3127	3470	3534	3311	2582	4139
Interest	501	645	1045	1593	1482	1411	1432	1484	1340	1248	1241	1198
Depreciation	365	471	589	766	715	751	764	848	867	885	878	1127
Exceptional Income / Expenses	42	0	0	-4	46	67	893	630	424	737	1276	0
Profit Before Tax	657	758	498	1042	976	1246	1893	1768	1752	1915	1739	1814
Provision for Tax	176	186	199	313	321	356	695	459	389	511	342	337
Profit After Tax	481	573	299	729	655	890	1198	1309	1363	1404	1397	1477
Adjustments	-22	-81	-100	-131	36	22	-14	-42	-32	-46	-55	-68
Profit After Adjustments	459	492	199	598	691	913	1184	1267	1331	1358	1343	1409
Adjusted Earnings Per Share	3.7	3.9	1.5	4.5	5.2	6.9	8.9	9.6	10	10.2	10.1	10.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	14%	5%	7%	7%
Operating Profit CAGR	-22%	-9%	-5%	6%
PAT CAGR	-0%	2%	9%	11%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	105%	30%	16%	11%
ROE Average	13%	14%	14%	11%
ROCE Average	12%	13%	13%	11%

CESC Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	5144	5635	6029	10604	10623	8420	8974	9412	9873	10396	10910
Minority's Interest	743	908	1000	1092	1210	69	82	365	396	434	479
Borrowings	7811	9132	10123	10451	11590	11048	10225	9760	10899	10577	9569
Other Non-Current Liabilities	3577	3723	4100	5529	5483	5721	6158	6967	7158	7251	7370
Total Current Liabilities	3729	5267	6375	8747	8559	7728	8030	8954	7536	8834	9384
Total Liabilities	21003	24666	27628	36422	37465	32986	33470	35457	35862	37493	37712
Fixed Assets	10913	14511	20869	26500	26570	23798	23593	24677	24135	23153	22763
Other Non-Current Assets	6098	6156	1676	1578	1564	1184	1156	639	637	865	802
Total Current Assets	3983	3992	5078	8323	9331	8005	8722	10141	11089	13476	14147
Total Assets	21003	24666	27628	36422	37465	32986	33470	35457	35862	37493	37712

CESC Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	1343	1317	1210	773	853	1255	632	539	1262	840	2153
Cash Flow from Operating Activities	1814	2251	889	2480	2655	2469	2294	3408	2806	2499	1978
Cash Flow from Investing Activities	-3941	-3180	-2441	-1220	-1493	-1230	-687	-466	-1489	-575	-545
Cash Flow from Financing Activities	1924	822	1331	-1181	-760	-1485	-1737	-2219	-1739	-611	-2457
Net Cash Inflow / Outflow	-203	-107	-220	80	402	-247	-130	723	-423	1313	-1024
Closing Cash & Cash Equivalent	1317	1210	1049	853	1255	632	503	1262	840	2153	1129

CESC Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.68	3.94	1.5	4.51	5.21	6.88	8.93	9.56	10.04	10.24	10.13
CEPS(Rs)	6.77	8.36	6.7	11.28	10.33	12.38	14.8	16.27	16.82	17.27	17.16
DPS(Rs)	0.7	0.8	0.9	1	1	1.2	1.75	2	4.5	4.5	4.5
Book NAV/Share(Rs)	32.61	37.35	39.02	79.77	80.04	63.51	67.69	70.99	74.47	78.42	82.3
Core EBITDA Margin(%)	17.18	16.71	17.82	25.38	33.22	29.27	27.22	26.37	27.86	24.08	15.96
EBIT Margin(%)	15.32	13.88	13.94	21.73	29.39	25.86	31.18	26.75	26.58	25.22	20.92
Pre Tax Margin(%)	8.69	7.5	4.5	8.6	11.67	12.13	17.75	14.54	15.06	15.27	12.21
PAT Margin (%)	6.36	5.67	2.7	6.01	7.83	8.66	11.23	10.77	11.72	11.19	9.81
Cash Profit Margin (%)	11.19	10.33	8.02	12.34	16.38	15.98	18.4	17.74	19.17	18.25	15.97
ROA(%)	2.71	2.51	1.14	2.28	1.77	2.53	3.61	3.8	3.82	3.83	3.72
ROE(%)	12.4	13.11	6.08	9.26	6.18	9.36	13.78	14.24	14.13	13.86	13.12
ROCE(%)	9.98	9.26	8.58	11.75	9.51	10.8	14.32	13.88	13.07	12.9	11.9
Receivable days	63.13	56.86	53.38	46.96	64.87	55.01	56.07	53.7	65.18	64.17	54.92
Inventory Days	20.33	17.55	19.8	20.46	33.65	25.36	21.96	21.32	20.68	18.29	19.72
Payable days	0	-6324.1	-6571.28	0	0	0	0	0	0	0	0
PER(x)	7.2	12.72	40.19	10.48	16.13	14.06	8.15	4.28	5.91	7.41	6.57
Price/Book(x)	0.81	1.34	1.54	0.59	1.05	1.52	1.07	0.58	0.8	0.97	0.81
Dividend Yield(%)	2.64	1.6	1.5	2.11	1.19	1.24	2.41	4.89	7.59	5.93	6.76
EV/Net Sales(x)	1.54	1.68	1.91	1.65	3.01	2.55	2.16	1.43	1.72	1.72	1.42
EV/Core EBITDA(x)	7.87	9.05	9.91	5.97	8.17	7.96	7.38	5.02	5.67	6.51	7.86
Net Sales Growth(%)	28.26	33.8	9.45	9.56	-31.02	22.86	3.79	14.02	-4.34	7.84	13.57
EBIT Growth(%)	44.14	21.2	9.95	70.78	-4.4	8.11	25.13	-2.2	-4.93	2.32	-5.78
PAT Growth(%)	96.72	19.13	-47.83	143.95	-1.56	35.97	34.58	9.26	4.11	3.03	-0.48
EPS Growth(%)	86.83	7.02	-61.94	201.49	15.43	32.1	29.74	7.01	5.04	2.04	-1.12
Debt/Equity(x)	2.37	2.55	2.75	1.41	1.47	1.73	1.61	1.49	1.42	1.42	1.29
Current Ratio(x)	1.07	0.76	0.8	0.95	1.09	1.04	1.09	1.13	1.47	1.53	1.51
Quick Ratio(x)	0.96	0.66	0.7	0.88	1	0.96	1	1.05	1.39	1.45	1.41
Interest Cover(x)	2.31	2.18	1.48	1.65	1.66	1.88	2.32	2.19	2.31	2.53	2.4
Total Debt/Mcap(x)	2.92	1.91	1.78	2.37	1.4	1.14	1.5	2.58	1.79	1.46	1.59

CESC Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	52.11	52.11	52.11	52.11	52.11	52.11	52.11	52.11	52.11	52.11
FII	13.47	13.8	13.92	13.25	12.7	12.17	12.18	13.12	11.93	12.89
DII	22.07	21	21.37	22.08	22.03	21.78	21.06	20.09	21.46	21.16
Public	12.35	13.09	12.61	12.56	13.17	13.94	14.64	14.68	14.49	13.85
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	69.08	69.08	69.08	69.08	69.08	69.08	69.08	69.08	69.08	69.08
FII	17.85	18.29	18.45	17.56	16.83	16.13	16.15	17.39	15.82	17.08
DII	29.25	27.84	28.32	29.26	29.2	28.88	27.92	26.63	28.45	28.04
Public	16.38	17.35	16.71	16.65	17.45	18.47	19.41	19.46	19.21	18.36
Others	0	0	0	0	0	0	0	0	0	0
Total	132.56	132.56	132.56	132.56	132.56	132.56	132.56	132.56	132.56	132.56

Pros

Company has reduced debt.

Cons

Company has a low return on equity of 14% over the last 3 years.
The company has delivered a poor profit growth of 9% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.