CESC Ltd

₹ 188 -1.70%

13 Dec - close price

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 ₹ 24,854 Cr.
Current Price ₹ 188
High / Low ₹ 213 / 110
Stock P/E 17.6
Book Value ₹ 91.1
Dividend Yield 2.40 %
ROCE 11.6 %
ROE 12.1 %
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 23.2 days to 14.7 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 12.5% over last 3 years.
Earnings include an other income of Rs.2,195 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

Part of BSE Utilities Nifty Smallcap 50 BSE 250 SmallCap Index BSE India Infrastructure Index Nifty Total Market Nifty 500 Multicap 50:25:25 Nifty Smallcap 250 BSE Allcap Nifty MidSmallcap 400 BSE SmallCap BSE 400 MidSmallCap Index Nifty 500 Nifty500 Multicap Infrastructure 50:30:20 Nifty Smallcap 100 BSE 500

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	3,494	2,826	3,011	4,102	3,913	3,129	3,102	4,310	4,352	3,244	3,387	4,863	4,700
	2,580	2,281	2,315	3,452	3,423	2,633	2,589	3,586	3,706	2,898	2,977	4,492	3,804
Operating Profit	914	545	696	650	490	496	513	724	646	346	410	371	896
OPM %	26%	19%	23%	16%	13%	16%	17%	17%	15%	11%	12%	8%	19%
	66	408	409	191	421	426	547	323	423	617	645	744	189
Interest	278	273	298	265	274	289	289	308	305	296	325	322	328
Depreciation	222	221	223	217	221	219	221	300	303	303	311	301	295
Profit before tax	480	459	584	359	416	414	550	439	461	364	419	492	462
Tax %	29%	26%	24%	17%	23%	19%	19%	16%	21%	17%	1%	21%	19%
	340	340	445	297	319	336	445	368	363	301	415	388	373
EPS in Rs	2.53	2.48	3.20	2.16	2.30	2.41	3.27	2.62	2.63	2.12	3.02	2.85	2.66
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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	TTM
	7,557	10,111	11,067	12,124	8,363	10,275	10,664	12,159	11,632	12,544	14,246	15,293	16,194
	6,244	8,413	9,088	8,839	5,510	7,235	7,738	8,902	8,338	9,502	11,972	13,017	14,171
Operating Profit	1,313	1,698	1,979	3,285	2,854	3,040	2,926	3,257	3,293	3,042	2,274	2,276	2,023
OPM %	17%	17%	18%	27%	34%	30%	27%	27%	28%	24%	16%	15%	12%
	210	177	153	116	475	454	1,163	842	665	1,006	1,584	2,000	2,195
Interest	501	645	1,045	1,593	1,482	1,411	1,432	1,484	1,340	1,248	1,241	1,377	1,271
Depreciation	365	471	589	766	715	751	764	848	867	885	878	1,217	1,210
Profit before tax	657	758	498	1,042	1,131	1,331	1,893	1,768	1,752	1,915	1,739	1,683	1,737
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	1,477
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	10.65
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:	9%

Compounded Profit Growth
10 Years:	11%
5 Years:	3%
3 Years:	1%
TTM:	-2%

Stock Price CAGR
10 Years:	15%
5 Years:	21%
3 Years:	28%
1 Year:	53%

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	Sep 2024
Equity Capital	126	126	133	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	11,948
	9,661	11,916	14,202	14,877	15,599	14,578	14,479	13,991	14,277	14,961	14,263	14,544	15,572
	6,486	7,396	7,629	10,947	11,248	9,988	10,017	12,055	11,712	12,136	12,539	11,179	10,660
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	38,313
	10,913	14,511	20,869	26,500	26,626	23,854	23,649	24,739	24,197	23,216	22,826	22,131	21,723
CWIP	5,110	5,312	410	505	392	217	161	168	134	102	140	175	292
Investments	212	106	670	1,002	1,110	1,174	1,185	180	308	460	77	57	170
	5,056	5,019	5,912	8,420	9,343	7,742	8,474	10,371	11,222	13,716	14,669	14,806	16,128
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	38,313

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	2,351
	-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	28	27	15
ROCE %	8%	8%	8%	12%	10%	11%	14%	14%	13%	13%	11%	12%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%
	13.47%	13.80%	13.92%	13.27%	12.71%	12.18%	12.20%	13.14%	11.95%	12.91%	13.56%	13.30%
	22.06%	20.99%	21.35%	22.03%	22.00%	21.75%	21.04%	20.06%	21.44%	21.12%	22.63%	22.63%
	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	12.35%	13.09%	12.61%	12.57%	13.15%	13.92%	14.63%	14.68%	14.49%	13.83%	11.70%	11.96%
No. of Shareholders	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	3,32,459	4,05,312

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	49.92%	49.92%	49.92%	49.92%	49.92%	52.11%	52.11%	52.11%	52.11%
	21.08%	13.38%	13.04%	18.48%	14.70%	13.80%	12.18%	12.91%	13.30%
	20.28%	25.08%	25.32%	22.81%	23.84%	20.99%	21.75%	21.12%	22.63%
	0.00%	0.01%	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%	11.96%
No. of Shareholders	34,598	50,958	55,670	54,181	84,055	2,96,485	3,07,794	3,63,776	4,05,312

* 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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