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 8,346 Cr.
  • Current Price 630
  • High / Low 731 / 365
  • Stock P/E 6.27
  • Book Value 759
  • Dividend Yield 7.14 %
  • ROCE 13.2 %
  • ROE 14.0 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.83 times its book value
  • Stock is providing a good dividend yield of 7.14%.
  • Company has delivered good profit growth of 46.18% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.22%

Cons

  • The company has delivered a poor sales growth of -0.09% over past five years.
  • Company has a low return on equity of 12.37% for last 3 years.
  • Earnings include an other income of Rs.1031.00 Cr.
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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
2,985 2,956 2,415 2,308 3,227 3,010 2,344 2,433 2,420 2,990 2,539
2,151 2,080 1,839 1,777 2,469 2,175 1,690 1,808 1,843 2,225 1,809
Operating Profit 834 876 576 531 758 835 654 625 577 765 730
OPM % 28% 30% 24% 23% 23% 28% 28% 26% 24% 26% 29%
Other Income 126 166 341 532 139 155 219 422 241 157 211
Interest 335 335 321 334 344 331 322 360 320 302 304
Depreciation 191 194 192 187 192 191 193 205 202 199 203
Profit before tax 434 513 404 542 361 468 358 482 296 421 434
Tax % 50% 37% 41% 23% 36% 22% 27% 7% 32% 12% 24%
Net Profit 212 323 238 411 232 364 267 439 198 370 324
EPS in Rs 15.99 24.36 17.95 31.00 17.50 27.45 20.14 33.11 14.93 27.90 24.43
Notes Notes 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 10,382
3,743 3,753 4,275 4,881 6,258 8,422 9,095 8,916 5,515 7,235 7,739 8,031 7,685
Operating Profit 308 451 904 1,011 1,298 1,689 1,972 3,208 2,849 3,040 2,926 2,984 2,697
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 1,031
Interest 209 261 372 410 501 645 1,045 1,593 1,482 1,411 1,432 1,463 1,286
Depreciation 216 251 316 340 365 471 589 766 715 751 764 781 809
Profit before tax 21 174 330 394 657 758 498 1,042 1,131 1,331 1,893 1,669 1,633
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 1,331
EPS in Rs 6.20 12.59 22.29 19.69 36.78 39.36 14.97 45.13 52.10 68.82 89.29 98.19 100.37
Dividend Payout % 65% 32% 18% 26% 19% 20% 60% 22% 19% 18% 20% 20%
Compounded Sales Growth
10 Years:10%
5 Years:-0%
3 Years:10%
TTM:-5%
Compounded Profit Growth
10 Years:23%
5 Years:46%
3 Years:25%
TTM:4%
Stock Price CAGR
10 Years:10%
5 Years:11%
3 Years:-7%
1 Year:6%
Return on Equity
10 Years:9%
5 Years:10%
3 Years:12%
Last Year:14%

Balance Sheet

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 Sep 2020
126 126 126 126 126 126 133 133 133 133 133 133 133
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 9,935
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 12,396
1,892 1,935 3,379 4,158 6,486 7,396 7,629 10,947 11,248 9,988 10,017 10,475 12,652
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 35,116
5,937 7,845 8,062 8,270 10,913 14,511 20,869 26,500 26,626 23,854 23,649 23,587 23,164
CWIP 1,351 442 561 2,454 5,110 5,312 410 505 392 217 161 147 138
Investments 434 437 417 176 212 106 670 1,002 1,110 1,174 1,185 685 715
2,626 2,610 3,167 3,887 5,056 5,019 5,912 8,420 9,343 7,742 8,474 9,953 11,099
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 35,116

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

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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