External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We have revised our TP upwards to INR1,011 (vs INR769 earlier), factoring in improved performance in the standalone business (with tariff approval from WBERC), depleting losses in DF, turnaround in the Dhariwal project, attractive valuation (0.9x FY23BV and 7.0x FY23PE consolidated), and high dividend yield (6%). CESC Q4FY21 result highlights recovery in demand and depleting losses. Volume in standalone business increased 4% YoY, while T&amp;D; losses in FY21 declined to 8.35% vs 8.9% YoY. This led to 9.6% YoY increase in the companys standalone PAT.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We have revised our TP upwards to INR1,011 (vs INR769 earlier), factoring in improved performance in the standalone business (with tariff approval from WBERC), depleting losses in DF, turnaround in the Dhariwal project, attractive valuation (0.9x FY23BV and 7.0x FY23PE consolidated), and high dividend yield (6%). CESC Q4FY21 result highlights recovery in demand and depleting losses. Volume in standalone business increased 4% YoY, while T&amp;D; losses in FY21 declined to 8.35% vs 8.9% YoY. This led to 9.6% YoY increase in the companys standalone PAT.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CESC (4QFY21): Loss decline, strong CF make valuation attractive. Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Dhariwal turns profitable, performance of DFs to improve CESC's 4QFY21 result highlights a modest recovery in the standalone business. Volumes in the standalone entity improved, but grew just 6% YoY on a low base. Standalone PAT rose 8% YoY, while consolidated PAT fell 4%, led by lower profit at Dhariwal and Crescent and Surya. Dhariwal has turned profitable, and DFs are showing signs of improvement. CESC's integrated business in Kolkata generates a high RoE and strong cash flows.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dhariwal turns profitable, performance of DFs to improve CESC's 4QFY21 result highlights a modest recovery in the standalone business. Volumes in the standalone entity improved, but grew just 6% YoY on a low base. Standalone PAT rose 8% YoY, while consolidated PAT fell 4%, led by lower profit at Dhariwal and Crescent and Surya. Dhariwal has turned profitable, and DFs are showing signs of improvement. CESC's integrated business in Kolkata generates a high RoE and strong cash flows.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Modest recovery in the standalone business

India

CESC Limited generates and supplies electricity in and around Kolkata. The Company also provides consultancy services for setting up power plants and for erecting transformers and electrical equipment.

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CESC Ltd (CESC IN)

CESC (4QFY21): Loss decline, strong CF make valuation attractive. Maintain BUY

We have revised our TP upwards to INR1,011 (vs INR769 earlier), factoring in improved performance in the standalone business (with tariff approval...

HDFC Securities

Modest recovery in the standalone business

Dhariwal turns profitable, performance of DFs to improve CESC's 4QFY21 result highlights a modest recovery in the standalone business. Volumes in...

Motilal Oswal

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