External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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

CESC Ltd

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