CESC Ltd

₹ 79.4 0.19%
12 Aug - close price
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]

  • Market Cap 10,532 Cr.
  • Current Price 79.4
  • High / Low 102 / 68.0
  • Stock P/E 7.66
  • Book Value 78.4
  • Dividend Yield 5.66 %
  • ROCE 12.8 %
  • ROE 13.4 %
  • Face Value 1.00

Pros

  • Stock is trading at 1.01 times its book value
  • Stock is providing a good dividend yield of 5.66%.
  • 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% for last 3 years.
  • Earnings include an other income of Rs.1,074 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.

Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
3,227 3,010 2,344 2,621 2,614 3,351 2,784 2,890 3,213 3,494 2,826 3,011 4,102
2,469 2,175 1,690 2,041 1,997 2,463 1,949 2,050 2,451 2,580 2,281 2,315 3,452
Operating Profit 758 835 654 580 617 888 835 840 762 914 545 696 650
OPM % 23% 28% 28% 22% 24% 26% 30% 29% 24% 26% 19% 23% 16%
139 155 219 496 237 70 140 213 130 66 408 409 191
Interest 344 331 322 367 323 302 305 290 280 278 273 298 265
Depreciation 192 191 193 222 220 212 218 218 219 222 221 223 217
Profit before tax 361 468 358 487 311 444 452 545 393 480 459 584 359
Tax % 36% 22% 27% 22% 33% 13% 25% 21% 29% 29% 26% 24% 17%
Net Profit 232 364 267 366 202 378 328 423 271 335 329 424 286
EPS in Rs 1.75 2.75 2.01 2.76 1.52 2.85 2.47 3.19 2.04 2.53 2.48 3.20 2.16

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 13,433
4,277 4,849 6,244 8,413 9,088 8,839 5,510 7,235 7,738 8,902 8,338 9,502 10,628
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 2,805
OPM % 17% 18% 17% 17% 18% 27% 34% 30% 27% 27% 28% 24% 21%
117 101 210 177 153 116 475 454 1,163 842 665 1,006 1,074
Interest 372 410 501 645 1,045 1,593 1,482 1,411 1,432 1,484 1,340 1,248 1,114
Depreciation 316 340 365 471 589 766 715 751 764 848 867 885 883
Profit before tax 330 394 657 758 498 1,042 1,131 1,331 1,893 1,768 1,752 1,915 1,882
Tax % 16% 38% 27% 24% 40% 30% 28% 27% 37% 26% 22% 27%
Net Profit 278 246 459 492 199 598 691 913 1,184 1,267 1,331 1,358 1,374
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 10.37
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: 10%
Compounded Profit Growth
10 Years: 19%
5 Years: 15%
3 Years: 5%
TTM: -2%
Stock Price CAGR
10 Years: 12%
5 Years: 1%
3 Years: 1%
1 Year: 2%
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
126 126 126 126 133 133 133 133 133 133 133 133
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
4,128 5,787 9,661 11,916 14,202 14,877 15,599 14,578 14,479 13,991 14,277 14,961
3,379 4,158 6,486 7,396 7,629 10,947 11,248 9,988 10,017 12,055 11,712 12,136
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
8,062 8,270 10,913 14,511 20,869 26,500 26,626 23,854 23,649 24,739 24,197 23,216
CWIP 561 2,454 5,110 5,312 410 505 392 217 161 168 134 102
Investments 417 176 212 106 670 1,002 1,110 1,174 1,185 180 308 460
3,167 3,887 5,056 5,019 5,912 8,420 9,343 7,742 8,474 10,371 11,222 13,716
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

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

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
49.92 49.92 49.92 49.92 49.92 49.92 49.92 49.92 52.11 52.11 52.11 52.11
17.78 18.74 18.48 17.89 16.12 14.89 14.70 13.37 12.95 13.47 13.80 13.92
23.25 22.79 22.81 23.78 25.54 25.69 23.84 23.58 23.00 22.06 20.99 21.35
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
9.04 8.54 8.78 8.40 8.41 9.49 11.53 13.12 11.93 12.35 13.09 12.61

Documents

Concalls