CESC's strong headline grows (28% yoy) primarily on the back of higher unit sales

Sep 12, 2022

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CESC Ltd (CESC)


  • Strong headline growth (28% yoy) primarily on the back of higher unit sales.


  • Lower effective tax rate of 17% aided in boosting PAT growth (+5.5% yoy) in Q1FY23.


  • Dhariwal appears to have settled with improved PLF.


  • Strong standalone sales on the back of increase in unit sales & marginally lower tariffs.


  • WBERC awarded tariff order for FY21-23 & annual performance review orders of FY15-18.


  • Stability of regulated business, moderating losses from new distribution circles.


  • Reasonable valuations at 6X P/E & 0.8X P/B on FY23E; Maintain BUY.

 

Note: The above is a brief note on the company, based on the inputs of KIE research report dated 10th August 2022, which is available on our website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental.     

Disclaimer: http://bit.ly/2n5AxIE

https://www.kotaksecurities.com/ksweb/research/kotak-research-reports/top-weekly-picks

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