CESC's Q2 PAT likely to fall 21% to Rs 123 cr

CESC is expected to report a profit after tax of Rs 123 crore in the second quarter of FY12, a fall of 21% as compared to Rs 155 crore in the corresponding quarter of last fiscal.

Total income is seen going up 5% to Rs 1,156 crore from Rs 1,105 crore during the same period.

EBITDA is likely to decline 16% to Rs 267 crore in the July-September quarter of FY12 versus Rs 318 crore in a year ago period.

Operating profit margin is expected to be at 23.14% as against 28.78% year-on-year.

Expectations

Expect the benefit of tariff hikes effective from April'11 to reflect in Q2 earnings

Anticipate steady efficiency gains but not significant earnings from merchant sales due to subdued spot market

In July and August, PLF was 90% versus 89% YoY

Generation was up 2% YoY to 1.6BUs

Spencer