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You are here : IndiaNotes >> Research & Analysis >> Companies >> CESC Ltd. >> Research

CESC: In-line results; Buy for an upside of 38%

Motilal Oswal | 13 Nov, 2017  | Follow Author | Add to my Favourites 
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CESC’s standalone PAT grew 2.1% YoY to INR2.47b, marginally below estimate. T&D loss (provisional) declined 100bp YoY (30bp QoQ) to 10.8%. Sales grew 4% YoY to 2.75BU. Realization was up 2.8% YoY to INR7.57/kWh. The tariff for FY18 is pending regulatory approval, delaying cost and capex recovery. However, this was offset by impressive reduction in T&D losses (drives incentive income) and power exports.


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About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.

 

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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