CESC Ltd

About [ edit ]

CESC (Calcutta Energy Supply Corporation) Limited is a flagship company of the RP-Sanjiv Goenka Group. It is engaged in electricity
distribution with embedded generation facility, across 567 square kilometres of its licensed area in Kolkata, Howrah, Hooghly, North and South 24 Parganas in West Bengal. CESC supplies safe, cost-effective and reliable electricity to around 3.3 million customers. # It also has power distribution business in Noida, Rajasthan and Malegaon, Maharashtra. #

Key Points [ edit ]
  • Market Cap 7,831 Cr.
  • Current Price 591
  • High / Low 731 / 461
  • Stock P/E 9.86
  • Book Value 774
  • Dividend Yield 7.62 %
  • ROCE 10.6 %
  • ROE 8.96 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.76 times its book value
  • Stock is providing a good dividend yield of 7.62%.
  • Company has been maintaining a healthy dividend payout of 24.15%

Cons

  • The company has delivered a poor sales growth of 4.83% over past five years.
  • Company has a low return on equity of 8.47% for last 3 years.
  • Earnings include an other income of Rs.762.00 Cr.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,801 2,165 2,220 1,707 1,662 2,359 2,246 1,648 1,583 1,585 1,989 1,659
1,592 1,720 1,709 1,505 1,512 1,917 1,783 1,371 1,332 1,357 1,651 1,360
Operating Profit 209 445 511 202 150 442 463 277 251 228 338 299
OPM % 12% 21% 23% 12% 9% 19% 21% 17% 16% 14% 17% 18%
Other Income 375 20 104 285 326 75 93 164 346 179 95 142
Interest 116 120 120 117 109 130 127 117 170 136 121 117
Depreciation 109 110 111 109 103 109 108 110 121 117 113 116
Profit before tax 359 235 384 261 264 278 321 214 306 154 199 208
Tax % 21% 22% 29% 34% -17% 22% 14% 18% 18% 13% -15% 12%
Net Profit 283 184 271 173 309 217 275 176 250 134 228 182
EPS in Rs 21.34 13.88 20.44 13.05 23.30 16.37 20.74 13.27 18.85 10.11 17.19 13.73

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
3,031 3,293 4,173 4,681 5,303 5,510 6,189 6,796 7,220 7,786 7,754 7,836 6,816
2,369 2,486 3,030 3,459 3,922 3,999 4,552 4,824 5,489 6,046 6,289 6,297 5,700
Operating Profit 662 807 1,143 1,222 1,381 1,511 1,637 1,972 1,731 1,740 1,465 1,539 1,116
OPM % 22% 25% 27% 26% 26% 27% 26% 29% 24% 22% 19% 20% 16%
Other Income 170 156 74 101 107 100 85 -2 337 377 724 678 762
Interest 193 236 335 340 408 448 496 555 558 592 574 650 544
Depreciation 175 206 267 289 306 339 343 370 409 426 433 448 467
Profit before tax 465 522 614 693 774 825 883 1,046 1,101 1,099 1,183 1,119 867
Tax % 12% 17% 20% 20% 20% 21% 21% 19% 22% 22% 21% 18%
Net Profit 410 433 488 554 618 652 698 845 863 862 937 918 794
EPS in Rs 32.80 34.69 39.10 44.38 49.52 52.19 52.62 63.74 65.07 64.99 70.67 69.21 59.88
Dividend Payout % 12% 12% 10% 11% 14% 15% 17% 16% 15% 19% 25% 29%
Compounded Sales Growth
10 Years:9%
5 Years:5%
3 Years:3%
TTM:-14%
Compounded Profit Growth
10 Years:7%
5 Years:5%
3 Years:9%
TTM:-19%
Stock Price CAGR
10 Years:9%
5 Years:9%
3 Years:-10%
1 Year:18%
Return on Equity
10 Years:8%
5 Years:8%
3 Years:8%
Last Year:9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
126 126 126 126 126 126 133 133 133 133 133 133 133
Reserves 4,757 5,071 5,444 5,886 6,369 6,913 7,947 12,868 13,191 9,314 9,631 9,905 10,133
Borrowings 3,243 3,708 3,017 3,077 3,740 4,030 5,234 5,331 5,985 5,947 6,052 6,692 5,764
2,039 2,188 3,146 3,639 4,665 5,261 5,604 9,008 9,138 10,635 10,273 10,222 11,524
Total Liabilities 10,165 11,093 11,732 12,727 14,899 16,329 18,918 27,341 28,447 26,030 26,089 26,952 27,554
5,603 7,233 7,479 7,715 8,171 8,619 9,234 14,859 14,814 14,787 14,736 14,810 14,522
CWIP 1,280 278 257 376 397 410 262 196 188 127 67 89 80
Investments 310 679 1,084 1,133 2,178 3,191 4,249 4,608 4,648 4,700 4,943 4,446 4,475
2,972 2,904 2,912 3,503 4,153 4,109 5,173 7,678 8,797 6,416 6,343 7,607 8,477
Total Assets 10,165 11,093 11,732 12,727 14,899 16,329 18,918 27,341 28,447 26,030 26,089 26,952 27,554

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1,185 870 1,001 1,023 1,607 1,986 732 1,927 1,686 1,574 1,220 1,282
-1,455 -1,167 -1,228 -815 -1,935 -1,839 -1,973 -1,141 -1,708 -1,087 -662 -114
558 142 -54 -187 240 -138 1,197 -670 112 -734 -672 -440
Net Cash Flow 288 -155 -281 21 -88 10 -44 116 90 -247 -114 729

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 9% 9% 11% 12% 12% 12% 11% 11% 8% 9% 11% 11%
Debtor Days 48 57 49 76 83 78 81 52 49 49 48 46
Inventory Turnover 6.18 6.97 7.15 7.34 7.91 8.20 8.33 9.38 11.43 11.39 11.84 11.73

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92
13.38 11.91 10.75 11.07 13.04 15.98 17.78 18.74 18.48 17.89 16.12 14.89
25.08 25.54 26.01 25.69 25.32 23.97 23.25 22.79 22.81 23.78 25.54 25.69
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
11.61 12.62 13.31 13.31 11.71 10.12 9.04 8.54 8.78 8.40 8.41 9.49

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