CESC Ltd

₹ 144 1.45%

26 Apr 4:02 p.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 ₹ 19,029 Cr.
Current Price ₹ 144
High / Low ₹ 150 / 67.4
Stock P/E 22.8
Book Value ₹ 77.3
Dividend Yield 3.14 %
ROCE 9.39 %
ROE 8.00 %
Face Value ₹ 1.00

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Pros

Stock is providing a good dividend yield of 3.14%.
Company has been maintaining a healthy dividend payout of 73.1%

Cons

The company has delivered a poor sales growth of 0.48% over past five years.
Company has a low return on equity of 7.99% over last 3 years.
Earnings include an other income of Rs.1,468 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

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	1,659	1,688	1,931	2,091	1,662	1,610	2,347	2,263	1,708	1,655	2,525	2,448	1,819
	1,360	1,378	1,620	1,672	1,450	1,434	1,953	1,943	1,483	1,417	2,181	2,125	1,757
Operating Profit	299	310	311	419	212	176	394	320	225	238	344	323	62
OPM %	18%	18%	16%	20%	13%	11%	17%	14%	13%	14%	14%	13%	3%
	142	221	109	127	259	406	33	258	287	389	231	336	512
Interest	117	128	127	124	123	130	134	148	156	166	181	176	177
Depreciation	116	117	118	116	117	120	120	119	119	122	179	178	180
Profit before tax	208	286	175	306	231	332	173	311	237	339	215	305	217
Tax %	12%	6%	21%	23%	20%	22%	20%	22%	22%	22%	21%	25%	22%
	182	270	138	235	184	259	138	243	186	263	170	230	170
EPS in Rs	1.37	2.04	1.04	1.77	1.39	1.95	1.04	1.83	1.40	1.98	1.28	1.74	1.28
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	4,681	5,303	5,510	6,189	6,796	7,220	7,786	7,754	7,836	6,921	7,294	7,973	8,447
	3,459	3,922	3,999	4,552	4,765	5,486	6,046	6,286	6,292	5,633	6,075	6,686	7,480
Operating Profit	1,222	1,381	1,511	1,637	2,031	1,734	1,740	1,467	1,544	1,289	1,219	1,287	967
OPM %	26%	26%	27%	26%	30%	24%	22%	19%	20%	19%	17%	16%	11%
	101	107	100	85	-61	334	377	722	673	637	906	968	1,468
Interest	340	408	448	496	555	558	592	574	650	616	611	715	700
Depreciation	289	306	339	343	370	409	426	433	448	463	471	480	659
Profit before tax	693	774	825	883	1,046	1,101	1,099	1,183	1,119	847	1,044	1,060	1,076
Tax %	20%	20%	21%	21%	19%	22%	22%	21%	18%	4%	22%	22%
	554	618	652	698	845	863	862	937	918	814	816	830	833
EPS in Rs	4.44	4.95	5.22	5.26	6.38	6.51	6.50	7.07	6.92	6.14	6.15	6.26	6.28
Dividend Payout %	11%	14%	15%	17%	16%	15%	19%	25%	29%	74%	73%	72%

Compounded Sales Growth
10 Years:	4%
5 Years:	0%
3 Years:	1%
TTM:	7%

Compounded Profit Growth
10 Years:	3%
5 Years:	-1%
3 Years:	-4%
TTM:	1%

Stock Price CAGR
10 Years:	15%
5 Years:	16%
3 Years:	33%
1 Year:	103%

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 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	126	126	126	133	133	133	133	133	133	133	133	133	133
Reserves	5,886	6,369	6,913	7,947	12,868	13,191	9,314	9,631	9,905	9,844	9,822	9,831	10,119
	3,077	3,740	4,030	5,234	5,331	5,985	5,947	6,052	6,453	7,433	8,491	8,422	8,613
	3,639	4,665	5,261	5,604	9,008	9,138	10,635	10,273	10,461	10,247	9,559	9,874	10,277
Total Liabilities	12,727	14,899	16,329	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	29,142
	7,715	8,171	8,619	9,234	14,859	14,814	14,787	14,736	14,810	14,437	14,253	13,992	13,332
CWIP	376	397	410	262	196	188	127	67	89	66	43	64	99
Investments	1,133	2,178	3,191	4,249	4,608	4,648	4,700	4,943	4,446	5,074	5,016	5,063	5,125
	3,503	4,153	4,109	5,173	7,678	8,797	6,416	6,343	7,607	8,080	8,693	9,141	10,586
Total Assets	12,727	14,899	16,329	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	29,142

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	1,023	1,607	1,986	732	1,927	1,686	1,574	1,220	1,282	810	709	1,196
	-815	-1,935	-1,839	-1,973	-1,141	-1,708	-1,087	-662	-114	-1,065	-379	-380
	-187	240	-138	1,197	-670	112	-734	-672	-440	-243	-22	-1,280
Net Cash Flow	21	-88	10	-44	116	90	-247	-114	729	-498	308	-464

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	76	83	78	81	52	49	49	48	46	74	52	49
Inventory Days
Days Payable
Cash Conversion Cycle	76	83	78	81	52	49	49	48	46	74	52	49
Working Capital Days	75	9	-8	14	-16	-29	-116	-126	-115	-42	-22	-24
ROCE %	12%	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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