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 10,173 Cr.
  • Current Price 767
  • High / Low 820 / 539
  • Stock P/E 7.64
  • Book Value 745
  • Dividend Yield 5.86 %
  • ROCE 12.9 %
  • ROE 13.6 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.03 times its book value
  • Stock is providing a good dividend yield of 5.86%.
  • Company has been maintaining a healthy dividend payout of 28.37%

Cons

  • The company has delivered a poor sales growth of -0.81% over past five years.
  • Company has a low return on equity of 13.78% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
2,985 2,956 2,415 2,308 3,227 3,010 2,344 2,621 2,420 2,990 2,784 2,890
2,151 2,080 1,839 1,777 2,469 2,175 1,690 2,041 1,843 2,225 1,946 2,050
Operating Profit 834 876 576 531 758 835 654 580 577 765 838 840
OPM % 28% 30% 24% 23% 23% 28% 28% 22% 24% 26% 30% 29%
Other Income 126 166 341 532 139 155 219 496 241 157 140 213
Interest 335 335 321 334 344 331 322 367 320 302 308 290
Depreciation 191 194 192 187 192 191 193 222 202 199 218 218
Profit before tax 434 513 404 542 361 468 358 487 296 421 452 545
Tax % 50% 37% 41% 23% 36% 22% 27% 22% 32% 12% 25% 21%
Net Profit 212 323 238 411 232 364 267 366 198 370 328 423
EPS in Rs 15.99 24.36 17.95 31.00 17.50 27.45 20.14 27.60 14.93 27.90 24.74 31.90

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4,204 5,179 5,892 7,557 10,111 11,067 12,124 8,363 10,275 10,664 11,015 11,639
3,753 4,275 4,881 6,258 8,422 9,095 8,916 5,515 7,235 7,739 8,031 8,453
Operating Profit 451 904 1,011 1,298 1,689 1,972 3,208 2,849 3,040 2,926 2,984 3,186
OPM % 11% 17% 17% 17% 17% 18% 26% 34% 30% 27% 27% 27%
Other Income 235 115 132 224 185 160 194 479 454 1,163 929 659
Interest 261 372 410 501 645 1,045 1,593 1,482 1,411 1,432 1,463 1,226
Depreciation 251 316 340 365 471 589 766 715 751 764 781 867
Profit before tax 174 330 394 657 758 498 1,042 1,131 1,331 1,893 1,669 1,752
Tax % 10% 16% 38% 27% 24% 40% 30% 28% 27% 37% 22% 22%
Net Profit 157 278 246 459 492 199 598 691 913 1,184 1,302 1,331
EPS in Rs 12.59 22.29 19.69 36.78 39.36 14.97 45.13 52.10 68.82 89.29 98.19 100.38
Dividend Payout % 32% 18% 26% 19% 20% 60% 22% 19% 18% 20% 20% 45%
Compounded Sales Growth
10 Years:8%
5 Years:-1%
3 Years:4%
TTM:6%
Compounded Profit Growth
10 Years:17%
5 Years:15%
3 Years:13%
TTM:2%
Stock Price CAGR
10 Years:13%
5 Years:11%
3 Years:1%
1 Year:27%
Return on Equity
10 Years:10%
5 Years:11%
3 Years:14%
Last Year:14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
126 126 126 126 126 133 133 133 133 133 133 133
Reserves 4,413 4,575 4,717 5,018 5,509 5,896 10,470 10,489 8,287 8,841 9,494 9,740
Borrowings 4,861 4,128 5,787 9,661 11,916 14,202 14,877 15,599 14,578 14,479 14,269 12,465
1,935 3,379 4,158 6,486 7,396 7,629 10,947 11,248 9,988 10,017 10,475 13,524
Total Liabilities 11,335 12,207 14,787 21,290 24,948 27,860 36,428 37,470 32,986 33,470 34,372 35,862
7,845 8,062 8,270 10,913 14,511 20,869 26,500 26,626 23,854 23,649 23,587 24,197
CWIP 442 561 2,454 5,110 5,312 410 505 392 217 161 147 134
Investments 437 417 176 212 106 670 1,002 1,110 1,174 1,185 685 309
2,610 3,167 3,887 5,056 5,019 5,912 8,420 9,343 7,742 8,474 9,953 11,222
Total Assets 11,335 12,207 14,787 21,290 24,948 27,860 36,428 37,470 32,986 33,470 34,372 35,862

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
749 869 911 1,814 2,251 889 2,480 2,655 2,469 2,294 3,003 2,818
-1,309 -1,126 -2,133 -3,764 -3,180 -2,381 -1,220 -1,493 -1,606 -686 -163 -1,490
421 319 1,336 1,924 822 1,331 -1,181 -760 -1,485 -1,737 -2,130 -1,751
Net Cash Flow -139 61 114 -27 -107 -161 80 402 -623 -130 710 -423

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 5% 8% 8% 8% 9% 8% 12% 10% 11% 14% 13% 13%
Debtor Days 45 41 62 78 55 56 43 68 55 60 62 73
Inventory Turnover 4.63 4.98 5.38 5.94 5.83 5.29 3.75 4.50 6.84 8.63 8.06 9.01

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92
11.91 10.75 11.07 13.04 15.98 17.78 18.74 18.48 17.89 16.12 14.89 14.70
25.54 26.01 25.69 25.32 23.97 23.25 22.79 22.81 23.78 25.54 25.69 23.84
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
12.62 13.31 13.31 11.71 10.12 9.04 8.54 8.78 8.40 8.41 9.49 11.53

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