CESC Ltd

₹ 161 1.69%

03 Jul 11:42 a.m.

About

Incorporated in 1978, CESC Ltd is in the business of generation and distribution of Electricity^[1]

Key Points

Business Overview:^[1]
CESC is a flagship company of the RP-Sanjiv Goenka Group. It is India's first fully integrated electrical utility company with private participation in generation, transmission, and distribution of electrical power in Kolkata, Hooghly, Howrah, North and South 24 Parganas in West Bengal. It serves ~3.4 million consumers which include domestic, industrial, and commercial users. Company, through its subsidiaries, also has a portfolio of independent power generation projects and distribution ventures in other parts of the country

Website BSE NSE

Market Cap ₹ 21,375 Cr.
Current Price ₹ 161
High / Low ₹ 171 / 72.5
Stock P/E 27.6
Book Value ₹ 74.6
Dividend Yield 2.81 %
ROCE 8.78 %
ROE 7.81 %
Face Value ₹ 1.00

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Pros

Company has been maintaining a healthy dividend payout of 74.3%

Cons

The company has delivered a poor sales growth of 2.11% over past five years.
Company has a low return on equity of 7.93% over last 3 years.
Earnings include an other income of Rs.1,619 Cr.

* 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.

Peer comparison

Sector: Power Generation & Distribution Industry: Power Generation And Supply

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	1,688	1,931	2,091	1,662	1,610	2,347	2,263	1,708	1,655	2,525	2,448	1,819	1,814
	1,378	1,620	1,672	1,450	1,434	1,953	1,943	1,483	1,417	2,181	2,125	1,757	1,781
Operating Profit	310	311	419	212	176	394	320	225	238	344	323	62	33
OPM %	18%	16%	20%	13%	11%	17%	14%	13%	14%	14%	13%	3%	2%
	221	109	127	259	406	33	258	287	389	231	336	512	540
Interest	128	127	124	123	130	134	148	156	166	181	176	177	205
Depreciation	117	118	116	117	120	120	119	119	122	179	178	180	183
Profit before tax	286	175	306	231	332	173	311	237	339	215	305	217	185
Tax %	6%	21%	23%	20%	22%	20%	22%	22%	22%	21%	25%	22%	-11%
	270	138	235	184	259	138	243	186	263	170	230	170	205
EPS in Rs	2.04	1.04	1.77	1.39	1.95	1.04	1.83	1.40	1.98	1.28	1.74	1.28	1.55
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	5,303	5,510	6,189	6,796	7,220	7,786	7,754	7,836	6,921	7,294	7,973	8,606
	3,922	3,999	4,552	4,765	5,486	6,046	6,286	6,292	5,633	6,075	6,686	7,844
Operating Profit	1,381	1,511	1,637	2,031	1,734	1,740	1,467	1,544	1,289	1,219	1,287	762
OPM %	26%	27%	26%	30%	24%	22%	19%	20%	19%	17%	16%	9%
	107	100	85	-61	334	377	722	673	637	906	968	1,619
Interest	408	448	496	555	558	592	574	650	616	611	715	739
Depreciation	306	339	343	370	409	426	433	448	463	471	480	720
Profit before tax	774	825	883	1,046	1,101	1,099	1,183	1,119	847	1,044	1,060	922
Tax %	20%	21%	21%	19%	22%	22%	21%	18%	4%	22%	22%	16%
	618	652	698	845	863	862	937	918	814	816	830	775
EPS in Rs	4.95	5.22	5.26	6.38	6.51	6.50	7.07	6.92	6.14	6.15	6.26	5.85
Dividend Payout %	14%	15%	17%	16%	15%	19%	25%	29%	74%	73%	72%	77%

Compounded Sales Growth
10 Years:	5%
5 Years:	2%
3 Years:	8%
TTM:	8%

Compounded Profit Growth
10 Years:	2%
5 Years:	-3%
3 Years:	-1%
TTM:	-3%

Stock Price CAGR
10 Years:	10%
5 Years:	16%
3 Years:	28%
1 Year:	117%

Return on Equity
10 Years:	8%
5 Years:	8%
3 Years:	8%
Last Year:	8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	126	126	133	133	133	133	133	133	133	133	133	133
Reserves	6,369	6,913	7,947	12,868	13,191	9,314	9,631	9,905	9,844	9,822	9,831	9,755
	3,740	4,030	5,234	5,331	5,985	5,947	6,052	6,453	7,433	8,491	8,422	9,583
	4,665	5,261	5,604	9,008	9,138	10,635	10,273	10,461	10,247	9,559	9,874	8,880
Total Liabilities	14,899	16,329	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	28,351
	8,171	8,619	9,234	14,859	14,814	14,787	14,736	14,810	14,437	14,253	13,992	13,455
CWIP	397	410	262	196	188	127	67	89	66	43	64	78
Investments	2,178	3,191	4,249	4,608	4,648	4,700	4,943	4,446	5,074	5,016	5,063	5,220
	4,153	4,109	5,173	7,678	8,797	6,416	6,343	7,607	8,080	8,693	9,141	9,598
Total Assets	14,899	16,329	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	28,351

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1,607	1,986	732	1,927	1,686	1,574	1,220	1,282	810	709	1,196	1,039
	-1,935	-1,839	-1,973	-1,141	-1,708	-1,087	-662	-114	-1,065	-379	-380	-563
	240	-138	1,197	-670	112	-734	-672	-440	-243	-22	-1,280	-210
Net Cash Flow	-88	10	-44	116	90	-247	-114	729	-498	308	-464	266

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	83	78	81	52	49	49	48	46	74	52	49	52
Inventory Days
Days Payable
Cash Conversion Cycle	83	78	81	52	49	49	48	46	74	52	49	52
Working Capital Days	9	-8	14	-16	-29	-116	-126	-115	-42	-22	-24	-39
ROCE %	12%	12%	11%	11%	8%	9%	11%	11%	9%	9%	9%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	49.92%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%
	13.37%	12.95%	13.47%	13.80%	13.92%	13.27%	12.71%	12.18%	12.20%	13.14%	11.95%	12.91%
	23.58%	23.00%	22.06%	20.99%	21.35%	22.03%	22.00%	21.75%	21.04%	20.06%	21.44%	21.12%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	13.12%	11.93%	12.35%	13.09%	12.61%	12.57%	13.15%	13.92%	14.63%	14.68%	14.49%	13.83%
No. of Shareholders	1,03,889	1,76,102	2,54,941	2,96,485	2,91,453	2,87,917	2,90,495	3,07,794	3,10,987	3,12,839	3,27,212	3,63,776

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	49.92%	49.92%	49.92%	49.92%	49.92%	52.11%	52.11%	52.11%
	21.08%	13.38%	13.04%	18.48%	14.70%	13.80%	12.18%	12.91%
	20.28%	25.08%	25.32%	22.81%	23.84%	20.99%	21.75%	21.12%
	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	8.71%	11.61%	11.71%	8.78%	11.53%	13.09%	13.92%	13.83%
No. of Shareholders	34,598	50,958	55,670	54,181	84,055	2,96,485	3,07,794	3,63,776

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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