CESC Ltd

₹ 161 1.37%

03 Jul 9:49 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 ₹ 21,309 Cr.
Current Price ₹ 161
High / Low ₹ 171 / 72.5
Stock P/E 15.5
Book Value ₹ 86.3
Dividend Yield 2.80 %
ROCE 11.2 %
ROE 12.3 %
Face Value ₹ 1.00

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Pros

Company has been maintaining a healthy dividend payout of 44.1%
Company's working capital requirements have reduced from 22.6 days to 14.8 days

Cons

The company has delivered a poor sales growth of 7.48% over past five years.
Tax rate seems low
Company has a low return on equity of 12.6% over last 3 years.
Earnings include an other income of Rs.2,008 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	2,890	3,213	3,494	2,826	3,011	4,102	3,913	3,129	3,102	4,310	4,352	3,244	3,387
	2,050	2,451	2,580	2,281	2,315	3,452	3,423	2,633	2,589	3,586	3,706	2,898	2,977
Operating Profit	840	762	914	545	696	650	490	496	513	724	646	346	410
OPM %	29%	24%	26%	19%	23%	16%	13%	16%	17%	17%	15%	11%	12%
	213	130	66	408	409	191	421	426	547	323	423	617	645
Interest	290	280	278	273	298	265	274	289	289	308	305	296	325
Depreciation	218	219	222	221	223	217	221	219	221	300	303	303	311
Profit before tax	545	393	480	459	584	359	416	414	550	439	461	364	419
Tax %	21%	29%	29%	26%	24%	17%	23%	19%	19%	16%	21%	17%	1%
	429	280	340	340	445	297	319	336	445	368	363	301	415
EPS in Rs	3.19	2.04	2.53	2.48	3.20	2.16	2.30	2.41	3.27	2.62	2.63	2.12	3.02
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	7,557	10,111	11,067	12,124	8,363	10,275	10,664	12,159	11,632	12,544	14,246	15,293
	6,244	8,413	9,088	8,839	5,510	7,235	7,738	8,902	8,338	9,509	11,972	13,167
Operating Profit	1,313	1,698	1,979	3,285	2,854	3,040	2,926	3,257	3,293	3,035	2,274	2,126
OPM %	17%	17%	18%	27%	34%	30%	27%	27%	28%	24%	16%	14%
	210	177	153	116	475	454	1,163	842	665	1,013	1,584	2,008
Interest	501	645	1,045	1,593	1,482	1,411	1,432	1,484	1,340	1,248	1,241	1,234
Depreciation	365	471	589	766	715	751	764	848	867	885	878	1,217
Profit before tax	657	758	498	1,042	1,131	1,331	1,893	1,768	1,752	1,915	1,739	1,683
Tax %	27%	24%	40%	30%	28%	27%	37%	26%	22%	27%	20%	14%
	481	573	299	729	810	975	1,198	1,309	1,363	1,404	1,397	1,447
EPS in Rs	3.68	3.94	1.50	4.51	5.21	6.88	8.93	9.56	10.04	10.25	10.13	10.38
Dividend Payout %	19%	20%	60%	22%	19%	18%	20%	21%	45%	44%	45%	44%

Compounded Sales Growth
10 Years:	4%
5 Years:	7%
3 Years:	10%
TTM:	7%

Compounded Profit Growth
10 Years:	11%
5 Years:	3%
3 Years:	1%
TTM:	6%

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

Return on Equity
10 Years:	11%
5 Years:	13%
3 Years:	13%
Last Year:	12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	5,018	5,509	5,896	10,470	10,489	8,287	8,841	9,278	9,740	10,263	10,777	11,312
	9,661	11,916	14,202	14,877	15,599	14,578	14,479	13,991	14,277	14,961	14,263	14,544
	6,486	7,396	7,629	10,947	11,248	9,988	10,017	12,055	11,712	12,136	12,539	11,179
Total Liabilities	21,290	24,948	27,860	36,428	37,470	32,986	33,470	35,457	35,862	37,493	37,712	37,168
	10,913	14,511	20,869	26,500	26,626	23,854	23,649	24,739	24,197	23,216	22,826	22,131
CWIP	5,110	5,312	410	505	392	217	161	168	134	102	140	174
Investments	212	106	670	1,002	1,110	1,174	1,185	180	308	460	77	57
	5,056	5,019	5,912	8,420	9,343	7,742	8,474	10,371	11,222	13,716	14,669	14,806
Total Assets	21,290	24,948	27,860	36,428	37,470	32,986	33,470	35,457	35,862	37,493	37,712	37,168

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1,814	2,251	889	2,480	2,655	2,469	2,294	3,408	2,806	2,499	1,978	2,352
	-3,764	-3,180	-2,381	-1,220	-1,493	-1,606	-686	-466	-1,489	-575	-545	-564
	1,924	822	1,331	-1,181	-760	-1,485	-1,737	-2,219	-1,739	-611	-2,457	-1,642
Net Cash Flow	-27	-107	-161	80	402	-623	-130	723	-423	1,313	-1,024	146

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	78	55	56	43	68	55	60	55	73	61	56	54
Inventory Days
Days Payable
Cash Conversion Cycle	78	55	56	43	68	55	60	55	73	61	56	54
Working Capital Days	-6	-53	-34	-32	-19	-24	-27	-47	34	26	27	15
ROCE %	8%	8%	8%	12%	10%	11%	14%	14%	13%	13%	11%

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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