BSE: 500084 | NSE: CESC | Power Generation/Distribution | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that CESC Ltd is a average quality company.
The key valuation ratios of CESC Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of CESC Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 12.2% | 10.4% | 8.8% | 9.8% | 11.3% | 11% | 8.7% | 9.3% | 9.7% | 9.5% | - |
| Value Creation Index ⓘ | -0.1 | -0.2 | -0.4 | -0.3 | -0.2 | -0.2 | -0.4 | -0.3 | -0.3 | -0.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 6,189 | 6,796 | 7,220 | 7,786 | 7,754 | 7,836 | 6,921 | 7,294 | 7,973 | 8,606 | 9,132 |
| Sales YoY Gr. | - | 9.8% | 6.2% | 7.8% | -0.4% | 1.1% | -11.7% | 5.4% | 9.3% | 7.9% | - |
| Adj EPS ⓘ | 5.1 | 6 | 5.3 | 5.1 | 4 | 3.9 | 3.7 | 2.2 | 1.9 | -2.2 | 5.9 |
| YoY Gr. | - | 18.9% | -11.6% | -4.3% | -21.6% | -3% | -5.9% | -40% | -14.6% | -217.1% | - |
| BVPS (₹) ⓘ | 54.5 | 98.1 | 100.5 | 71.3 | 73.7 | 75.7 | 75.3 | 75.1 | 75.2 | 74.6 | 76.9 |
| Adj Net Profit ⓘ | 672 | 800 | 707 | 677 | 530 | 514 | 483 | 291 | 248 | -290 | 785 |
| Cash Flow from Ops. ⓘ | 732 | 1,927 | 1,686 | 1,574 | 1,220 | 1,282 | 810 | 709 | 1,196 | 1,039 | - |
| Debt/CF from Ops. ⓘ | 7.2 | 2.8 | 3.5 | 3.8 | 5 | 5 | 9 | 11.8 | 6.9 | 9.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3.7% | 2.1% | 7.5% | 7.9% | ||||
| Adj EPS ⓘ | -191.1% | -188.7% | -184.3% | -217.1% | ||||
| BVPSⓘ | 3.6% | 0.3% | -0.3% | -0.8% | ||||
| Share Price | 9.5% | 18.3% | 24.8% | 72.5% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 8.9 | 7.6 | 5.4 | 5.9 | 5.5 | 5.2 | 4.8 | 2.9 | 2.5 | -2.9 | 7.8 |
| Op. Profit Mgn % ⓘ | 26.3 | 27 | 24.2 | 22.3 | 18.9 | 19.4 | 18.1 | 16.7 | 16.1 | 10.2 | 25.7 |
| Net Profit Mgn % ⓘ | 10.9 | 11.8 | 9.8 | 8.7 | 6.8 | 6.6 | 7 | 4 | 3.1 | -3.4 | 8.6 |
| Debt to Equity ⓘ | 0.7 | 0.4 | 0.5 | 0.6 | 0.6 | 0.6 | 0.7 | 0.8 | 0.8 | 1 | 0.8 |
| Working Cap Days ⓘ | 229 | 303 | 372 | 318 | 269 | 277 | 351 | 364 | 360 | 356 | 74 |
| Cash Conv. Cycle ⓘ | 77 | 57 | 42 | 38 | 34 | 29 | 39 | 41 | 35 | 27 | -43 |
Return on Equity has increased versus last 3 years average to 7.80%
Debt to equity has declined versus last 3 years average to 0.96
Sales growth has been subdued in last 3 years 7.53%
Net Profit has been subdued in last 3 years -184.34%
Sales growth is not so good in last 4 quarters at 9.30%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 5.9 | 10.7 |
| TTM Sales (₹ Cr.) | 9,132 | 16,194 |
| BVPS (₹.) ⓘ | 76.9 | 91.1 |
| Reserves (₹ Cr.) ⓘ | 10,067 | 11,948 |
| P/BV ⓘ | 2.21 | 1.87 |
| PE ⓘ | 28.71 | 15.96 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 96.58 / 212.70 |
| All Time Low / High (₹) | 0.91 / 212.70 |
| Market Cap (₹ Cr.) | 22,535 |
| Equity (₹ Cr.) | 132.6 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 26.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,189 | 6,796 | 7,220 | 7,786 | 7,754 | 7,836 | 6,921 | 7,294 | 7,973 | 8,606 |
| Operating Expenses ⓘ | 4,560 | 4,966 | 5,558 | 6,074 | 6,309 | 6,341 | 5,685 | 6,086 | 6,686 | 7,726 |
| Manufacturing Costs | 3,665 | 3,876 | 4,434 | 4,640 | 4,838 | 4,813 | 4,345 | 4,699 | 5,197 | 6,015 |
| Material Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 694 | 707 | 780 | 860 | 926 | 969 | 900 | 886 | 983 | 991 |
| Other Costs ⓘ | 201 | 383 | 344 | 574 | 545 | 559 | 440 | 500 | 506 | 719 |
| Operating Profit ⓘ | 1,628 | 1,830 | 1,662 | 1,712 | 1,445 | 1,495 | 1,237 | 1,208 | 1,287 | 880 |
| Operating Profit Margin (%) | 26.3% | 26.9% | 23.0% | 22.0% | 18.6% | 19.1% | 17.9% | 16.6% | 16.1% | 10.2% |
| Other Income ⓘ | 94 | 140 | 205 | 199 | 185 | 189 | 232 | 201 | 180 | 123 |
| Interest ⓘ | 496 | 555 | 558 | 592 | 574 | 650 | 616 | 611 | 715 | 857 |
| Depreciation ⓘ | 343 | 370 | 401 | 426 | 433 | 448 | 463 | 471 | 480 | 720 |
| Exceptional Items ⓘ | 0 | 0 | 190 | 209 | 560 | 532 | 457 | 716 | 787 | 1,496 |
| Profit Before Tax ⓘ | 883 | 1,046 | 1,099 | 1,102 | 1,183 | 1,119 | 847 | 1,044 | 1,060 | 922 |
| Tax ⓘ | 185 | 201 | 238 | 238 | 246 | 201 | 33 | 228 | 229 | 147 |
| Profit After Tax | 698 | 845 | 861 | 865 | 937 | 918 | 814 | 816 | 830 | 775 |
| PAT Margin (%) | 11.3% | 12.4% | 11.9% | 11.1% | 12.1% | 11.7% | 11.8% | 11.2% | 10.4% | 9.0% |
| Adjusted EPS (₹) | 5.3 | 6.4 | 6.5 | 6.5 | 7.1 | 6.9 | 6.1 | 6.2 | 6.3 | 5.9 |
| Dividend Payout Ratio (%) | 17% | 16% | 15% | 18% | 25% | 29% | 73% | 73% | 72% | 77% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 8,080 | 13,001 | 13,324 | 9,448 | 9,764 | 10,038 | 9,978 | 9,955 | 9,964 | 9,888 |
| Share Capital ⓘ | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 |
| Reserves ⓘ | 7,947 | 12,868 | 13,191 | 9,314 | 9,631 | 9,905 | 9,844 | 9,822 | 9,831 | 9,755 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 4,324 | 4,425 | 5,207 | 4,960 | 4,845 | 5,278 | 6,325 | 6,983 | 6,410 | 7,942 |
| Long Term Debt | 3,183 | 2,966 | 3,772 | 3,667 | 3,360 | 3,688 | 5,411 | 5,669 | 5,458 | 7,272 |
| Short Term Debt | 1,141 | 1,459 | 1,435 | 1,293 | 1,485 | 1,590 | 914 | 1,314 | 952 | 670 |
| Trade Payables | 326 | 364 | 377 | 488 | 619 | 597 | 782 | 556 | 725 | 1,115 |
| Others Liabilities ⓘ | 6,188 | 9,550 | 9,523 | 11,134 | 10,860 | 11,038 | 10,574 | 10,512 | 11,160 | 9,406 |
| Total Liabilities ⓘ | 18,918 | 27,341 | 28,431 | 26,030 | 26,089 | 26,952 | 27,658 | 28,005 | 28,260 | 28,351 |
Fixed Assets | ||||||||||
| Gross Block | 15,266 | 15,486 | 16,102 | 16,694 | 17,352 | 18,118 | 18,434 | 18,908 | 19,336 | 19,758 |
| Accumulated Depreciation | 6,032 | 627 | 1,289 | 1,963 | 2,671 | 3,371 | 4,059 | 4,718 | 5,408 | 6,366 |
| Net Fixed Assetsⓘ | 9,234 | 14,859 | 14,814 | 14,731 | 14,680 | 14,747 | 14,375 | 14,190 | 13,929 | 13,392 |
| CWIP ⓘ | 262 | 196 | 188 | 127 | 67 | 89 | 66 | 43 | 64 | 78 |
| Investmentsⓘ | 4,249 | 4,552 | 4,592 | 4,700 | 4,943 | 4,446 | 5,074 | 5,016 | 5,063 | 5,220 |
| Inventories | 405 | 317 | 379 | 387 | 383 | 387 | 380 | 434 | 502 | 513 |
| Trade Receivables | 1,382 | 966 | 969 | 1,041 | 1,028 | 991 | 1,394 | 1,035 | 1,080 | 1,231 |
| Cash Equivalents | 738 | 837 | 924 | 723 | 624 | 1,413 | 957 | 1,275 | 828 | 1,134 |
| Others Assetsⓘ | 2,648 | 5,614 | 6,566 | 4,321 | 4,365 | 4,878 | 5,412 | 6,011 | 6,794 | 6,782 |
| Total Assets ⓘ | 18,918 | 27,341 | 28,431 | 26,030 | 26,089 | 26,952 | 27,658 | 28,005 | 28,260 | 28,351 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 732 | 1,927 | 1,686 | 1,574 | 1,220 | 1,282 | 810 | 709 | 1,196 | 1,039 |
| PBT ⓘ | 883 | 1,046 | 1,101 | 1,099 | 1,183 | 1,119 | 847 | 1,044 | 1,060 | 922 |
| Adjustment ⓘ | 839 | 925 | 752 | 858 | 847 | 948 | 873 | 866 | 999 | 1,406 |
| Changes in Working Capital ⓘ | -793 | 151 | 35 | -222 | -599 | -619 | -738 | -972 | -643 | -932 |
| Tax Paid ⓘ | -197 | -195 | -202 | -161 | -212 | -165 | -172 | -230 | -220 | -358 |
| Cash Flow From Investing Activity ⓘ | -1,973 | -1,141 | -1,708 | -1,042 | -662 | -114 | -1,065 | -379 | -380 | -563 |
| Capex | -953 | -798 | -742 | -594 | -640 | -619 | -431 | -530 | -390 | -422 |
| Net Investments | -461 | 48 | 50 | 108 | 26 | 550 | 17 | 7 | 58 | 25 |
| Others ⓘ | -559 | -390 | -1,016 | -557 | -49 | -45 | -651 | 143 | -48 | -166 |
| Cash Flow From Financing Activityⓘ | 1,197 | -670 | 112 | -734 | -672 | -440 | -243 | -22 | -1,280 | -209 |
| Net Proceeds from Shares ⓘ | 491 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 648 | -209 | 746 | 149 | -103 | 327 | 1,522 | 678 | 311 | 1,467 |
| Interest Paid ⓘ | -436 | -478 | -476 | -502 | -483 | -526 | -463 | -475 | -606 | -769 |
| Dividend Paid ⓘ | -100 | -250 | -133 | -158 | -231 | -264 | -594 | -595 | -594 | -596 |
| Others ⓘ | 594 | 266 | -25 | -223 | 145 | 24 | -709 | 370 | -391 | -311 |
| Net Cash Flow ⓘ | -44 | 116 | 90 | -202 | -114 | 729 | -498 | 308 | -464 | 266 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.49 | 8.36 | 6.54 | 7.59 | 9.76 | 9.27 | 8.14 | 8.19 | 8.34 | 7.81 |
| ROCE (%) | 12.22 | 10.4 | 8.8 | 9.77 | 11.26 | 10.95 | 8.67 | 9.31 | 9.71 | 9.46 |
| Asset Turnover Ratio | 0.35 | 0.29 | 0.26 | 0.29 | 0.3 | 0.3 | 0.25 | 0.26 | 0.28 | 0.3 |
| PAT to CFO Conversion(x) | 1.05 | 2.28 | 1.96 | 1.82 | 1.3 | 1.4 | 1 | 0.87 | 1.44 | 1.34 | Working Capital Days |
| Receivable Days | 76 | 63 | 49 | 47 | 49 | 47 | 63 | 61 | 48 | 49 |
| Inventory Days | 22 | 19 | 18 | 18 | 18 | 18 | 20 | 20 | 21 | 22 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CESC is India’s first fully integrated electrical utility company and it has been on an epic ride ever since 1899 in generating and distributing power in Kolkata and Howrah. The company has private participation in generation, transmission and distribution of electrical power. The company is the sole distributor of electricity within an area of 567sq km of Kolkata & Howrah which include domestic, industrial and commercial users. The company own & operate three thermal power plants. The company own & operate the Transmission & Distribution System through which it supplies electricity to consumers.
In diurnal course, the company has verged upon renewable sources. It has brought forth three projects in three different areas of renewable sources. These are Gujarat Solar, which is a solar plant in Gujarat’s Kutch, Hydro Power Venture (Papu Hydropower Projects Limited & Pachi Hydropower Projects) in Arunachal Pradesh and Wind Power Operation at Dangi in Rajasthan.
The company also installed two thermal power plants to meet the requirement of its electricity. These are Chandrapur Thermal Plant at Chandrapur, Maharastra and Haldia Thermal Plant at Haldia, West Bengal.
With its continuous effort to accomplish the requirement of its consumers and make them easily avail all its services from their premises, it has employed value added online services. By online services, work can be done from consumer’s premises and they don’t have to visit offices for any work.
Business area of the company
The company 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 millions of customers. The Company, through its subsidiaries and an associate, also has a portfolio of independent power generation projects and distribution ventures in other parts of the country.
Awards and recognition
Generation
2015
2016
2017
2018
2019
Distribution
2015
2016
2017
2018
2019
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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