CESC Ltd

₹ 72.6 1.18%
03 Feb - close price
cesc.co.in BSE: 500084 NSE : CESC
About

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. [1] It also has power distribution business in Noida, Rajasthan and Malegaon, Maharashtra. [2]

Key Points

Distribution Business
Kolkata - The Company is engaged in business of distribution of electricity across 567 square kilometres of licensed area in Kolkata and Howrah and in the adjoining areas, West Bengal. It is the sole power distribution licensee in its coverage area in Kolkata and its license is valid till September, 2038. [1] It has 33 lakhs customers with a peak load of 2,300+ MW. [2]

Website BSE NSE
  • Market Cap ₹ 9,630 Cr.
  • Current Price ₹ 72.6
  • High / Low ₹ 88.0 / 68.0
  • Stock P/E 7.17
  • Book Value ₹ 82.0
  • Dividend Yield 6.19 %
  • ROCE 12.8 %
  • ROE 13.4 %
  • Face Value ₹ 1.00
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Pros

  • Stock is trading at 0.89 times its book value
  • Stock is providing a good dividend yield of 6.19%.
  • Company has been maintaining a healthy dividend payout of 36.7%

Cons

  • The company has delivered a poor sales growth of 8.45% over past five years.
  • Company has a low return on equity of 13.5% over last 3 years.
  • Earnings include an other income of Rs.1,429 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
3,010 2,344 2,621 2,614 3,351 2,784 2,890 3,213 3,494 2,826 3,011 4,102 3,913
2,175 1,690 2,041 1,997 2,463 1,949 2,050 2,451 2,580 2,281 2,315 3,452 3,423
Operating Profit 835 654 580 617 888 835 840 762 914 545 696 650 490
OPM % 28% 28% 22% 24% 26% 30% 29% 24% 26% 19% 23% 16% 13%
155 219 496 237 70 140 213 130 66 408 409 191 421
Interest 331 322 367 323 302 305 290 280 278 273 298 265 274
Depreciation 191 193 222 220 212 218 218 219 222 221 223 217 221
Profit before tax 468 358 487 311 444 452 545 393 480 459 584 359 416
Tax % 22% 27% 22% 33% 13% 25% 21% 29% 29% 26% 24% 17% 23%
Net Profit 366 263 378 209 387 338 429 280 340 340 445 297 319
EPS in Rs 2.75 2.01 2.76 1.52 2.85 2.47 3.19 2.04 2.53 2.48 3.20 2.16 2.30
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
5,179 5,892 7,557 10,111 11,067 12,124 8,363 10,275 10,664 12,159 11,632 12,544 13,852
4,277 4,849 6,244 8,413 9,088 8,839 5,510 7,235 7,738 8,902 8,338 9,502 11,471
Operating Profit 902 1,043 1,313 1,698 1,979 3,285 2,854 3,040 2,926 3,257 3,293 3,042 2,381
OPM % 17% 18% 17% 17% 18% 27% 34% 30% 27% 27% 28% 24% 17%
117 101 210 177 153 116 475 454 1,163 842 665 1,006 1,429
Interest 372 410 501 645 1,045 1,593 1,482 1,411 1,432 1,484 1,340 1,248 1,110
Depreciation 316 340 365 471 589 766 715 751 764 848 867 885 882
Profit before tax 330 394 657 758 498 1,042 1,131 1,331 1,893 1,768 1,752 1,915 1,818
Tax % 16% 38% 27% 24% 40% 30% 28% 27% 37% 26% 22% 27%
Net Profit 277 244 481 573 299 729 810 975 1,198 1,309 1,363 1,404 1,401
EPS in Rs 2.23 1.97 3.68 3.94 1.50 4.51 5.21 6.88 8.93 9.56 10.04 10.25 10.14
Dividend Payout % 18% 26% 19% 20% 60% 22% 19% 18% 20% 21% 45% 44%
Compounded Sales Growth
10 Years: 8%
5 Years: 8%
3 Years: 6%
TTM: 12%
Compounded Profit Growth
10 Years: 19%
5 Years: 15%
3 Years: 5%
TTM: -1%
Stock Price CAGR
10 Years: 11%
5 Years: -1%
3 Years: 0%
1 Year: -12%
Return on Equity
10 Years: 10%
5 Years: 13%
3 Years: 14%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
126 126 126 126 133 133 133 133 133 133 133 133 133
Reserves 4,575 4,717 5,018 5,509 5,896 10,470 10,489 8,287 8,841 9,278 9,740 10,263 10,737
4,128 5,787 9,661 11,916 14,202 14,877 15,599 14,578 14,479 13,991 14,277 14,961 14,305
3,379 4,158 6,486 7,396 7,629 10,947 11,248 9,988 10,017 12,055 11,712 12,136 12,865
Total Liabilities 12,207 14,787 21,290 24,948 27,860 36,428 37,470 32,986 33,470 35,457 35,862 37,493 38,040
8,062 8,270 10,913 14,511 20,869 26,500 26,626 23,854 23,649 24,739 24,197 23,216 22,902
CWIP 561 2,454 5,110 5,312 410 505 392 217 161 168 134 102 221
Investments 417 176 212 106 670 1,002 1,110 1,174 1,185 180 308 460 95
3,167 3,887 5,056 5,019 5,912 8,420 9,343 7,742 8,474 10,371 11,222 13,716 14,822
Total Assets 12,207 14,787 21,290 24,948 27,860 36,428 37,470 32,986 33,470 35,457 35,862 37,493 38,040

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
869 911 1,814 2,251 889 2,480 2,655 2,469 2,294 3,408 2,806 2,499
-1,126 -2,133 -3,764 -3,180 -2,381 -1,220 -1,493 -1,606 -686 -466 -1,489 -575
319 1,336 1,924 822 1,331 -1,181 -760 -1,485 -1,737 -2,219 -1,739 -611
Net Cash Flow 61 114 -27 -107 -161 80 402 -623 -130 723 -423 1,313

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 41 62 78 55 56 43 68 55 60 55 73 61
Inventory Days
Days Payable
Cash Conversion Cycle 41 62 78 55 56 43 68 55 60 55 73 61
Working Capital Days -22 -17 -6 -53 -34 -32 -19 -24 -27 -47 34 28
ROCE % 8% 8% 8% 9% 8% 12% 10% 11% 14% 14% 13% 13%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
49.92 49.92 49.92 49.92 49.92 49.92 52.11 52.11 52.11 52.11 52.11 52.11
18.48 17.89 16.12 14.89 14.70 13.37 12.95 13.47 13.80 13.92 13.27 12.71
22.81 23.78 25.54 25.69 23.84 23.58 23.00 22.06 20.99 21.35 22.03 22.00
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01
8.78 8.40 8.41 9.49 11.53 13.12 11.93 12.35 13.09 12.61 12.57 13.15

* 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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