CESC Ltd

CESC is Indias first fully integrated electrical utility company having an epic ride ever since 1899 in generating and distributing power in Kolkata and Howrah. They have private participation in generation, transmission and distribution of electrical power. They are the sole distributor of electricity within an area of 567sq km of Kolkata & Howrah and serve 2.9 million consumers which include domestic, industrial and commercial users. They own & operate three thermal power plants generating 1125 MW of power.(Source : Company Web-Site)

  • Market Cap: 8,580 Cr.
  • Current Price: 647.30
  • 52 weeks High / Low 854.90 / 365.25
  • Book Value: 726.05
  • Stock P/E: 6.73
  • Dividend Yield: 3.09 %
  • ROCE: 13.25 %
  • ROE: 14.08 %
  • Sales Growth (3Yrs): 9.61 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 10.00
Edit ratios
Pros:
Stock is trading at 0.89 times its book value
Stock is providing a good dividend yield of 3.09%.
Company has been maintaining a healthy dividend payout of 19.22%
Cons:
The company has delivered a poor growth of -0.09% over past five years.
Company has a low return on equity of 12.66% for last 3 years.
Earnings include an other income of Rs.1037.00 Cr.

Peer comparison Sector: Power Generation & Distribution // Industry: Power Generation And Supply

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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
2,985 2,956 2,415 2,308 3,227 3,010 2,344 2,433 2,420
2,151 2,080 1,839 1,777 2,469 2,175 1,690 1,808 1,843
Operating Profit 834 876 576 531 758 835 654 625 577
OPM % 28% 30% 24% 23% 23% 28% 28% 26% 24%
Other Income 126 166 341 532 139 155 219 422 241
Interest 335 335 321 334 344 331 322 360 320
Depreciation 191 194 192 187 192 191 193 205 202
Profit before tax 434 513 404 542 361 468 358 482 296
Tax % 50% 37% 41% 23% 36% 22% 27% 7% 32%
Net Profit 212 323 238 411 232 364 267 439 198
EPS in Rs 15.98 24.38 17.90 31.07 17.50 27.43 20.15 33.12 14.93
Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

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
4,051 4,204 5,179 5,892 7,557 10,111 11,067 12,124 8,363 10,275 10,664 11,015 10,207
3,743 3,753 4,275 4,881 6,258 8,422 9,095 8,916 5,515 7,235 7,739 8,031 7,516
Operating Profit 308 451 904 1,011 1,298 1,689 1,972 3,208 2,849 3,040 2,926 2,984 2,691
OPM % 8% 11% 17% 17% 17% 17% 18% 26% 34% 30% 27% 27% 26%
Other Income 137 235 115 132 224 185 160 194 479 454 1,163 929 1,037
Interest 209 261 372 410 501 645 1,045 1,593 1,482 1,411 1,432 1,463 1,333
Depreciation 216 251 316 340 365 471 589 766 715 751 764 781 791
Profit before tax 21 174 330 394 657 758 498 1,042 1,131 1,331 1,893 1,669 1,604
Tax % -270% 10% 16% 38% 27% 24% 40% 30% 28% 27% 37% 22%
Net Profit 78 157 278 246 459 492 199 598 691 913 1,184 1,302 1,268
EPS in Rs 5.49 11.86 21.53 18.78 35.40 37.80 13.08 41.07 51.84 68.48 88.84 97.71 95.63
Dividend Payout % 65% 32% 18% 26% 19% 20% 60% 22% 19% 18% 20% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.11%
5 Years:-0.09%
3 Years:9.61%
TTM:-6.41%
Compounded Profit Growth
10 Years:22.92%
5 Years:34.77%
3 Years:18.79%
TTM:5.02%
Stock Price CAGR
10 Years:7.42%
5 Years:9.02%
3 Years:-6.78%
1 Year:-21.02%
Return on Equity
10 Years:9.54%
5 Years:10.95%
3 Years:12.66%
Last Year:14.08%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Corp Actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
126 126 126 126 126 126 133 133 133 133 133 133
Reserves 4,375 4,413 4,575 4,717 5,018 5,509 5,896 10,470 10,489 8,287 8,841 9,494
Borrowings 3,956 4,861 4,128 5,787 9,661 11,916 14,202 14,877 15,599 14,578 14,479 14,269
1,892 1,935 3,379 4,158 6,486 7,396 7,629 10,947 11,248 9,988 10,017 10,475
Total Liabilities 10,349 11,335 12,207 14,787 21,290 24,948 27,860 36,428 37,470 32,986 33,470 34,372
5,937 7,845 8,062 8,270 10,913 14,511 20,869 26,500 26,626 23,854 23,649 23,587
CWIP 1,351 442 561 2,454 5,110 5,312 410 505 392 217 161 147
Investments 434 437 417 176 212 106 670 1,002 1,110 1,174 1,185 685
2,626 2,610 3,167 3,887 5,056 5,019 5,912 8,420 9,343 7,742 8,474 9,953
Total Assets 10,349 11,335 12,207 14,787 21,290 24,948 27,860 36,428 37,470 32,986 33,470 34,372

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
912 749 869 911 1,814 2,251 889 2,480 2,655 2,469 2,294 3,003
-1,101 -1,309 -1,126 -2,133 -3,764 -3,180 -2,381 -1,220 -1,493 -1,606 -686 -163
480 421 319 1,336 1,924 822 1,331 -1,181 -760 -1,485 -1,737 -2,130
Net Cash Flow 290 -139 61 114 -27 -107 -161 80 402 -623 -130 710

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 4% 5% 8% 8% 8% 9% 8% 12% 10% 11% 14% 13%
Debtor Days 38 45 41 62 78 55 56 43 68 55 60 62
Inventory Turnover 3.83 4.63 4.98 5.38 5.94 5.83 5.29 3.75 4.50 6.84 8.63 8.06

Shareholding pattern in percentages

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 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
16.45 14.84 13.38 11.91 10.75 11.07 13.04 15.98 17.78 18.74 18.48 17.89
22.12 23.97 25.08 25.54 26.01 25.69 25.32 23.97 23.25 22.79 22.81 23.78
0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
11.50 11.26 11.61 12.62 13.31 13.31 11.71 10.12 9.04 8.54 8.78 8.40