Mirae Asset Sharekhan's research report on CESC
CESC’s consolidated PAT of Rs. 387 crore was up 2.4% y-o-y, helped by increase in Noida profits but compensated by the rise in Malegaon losses. Standalone PAT rose 9.9% y-o-y to Rs. 211 crore because of a lower tax rate. Aggressive RE growth strategy with a plan of 3.2GW (capex of ~Rs. 12-13k cr) in the next 4-5 years will drive growth. Also, the company has signed a PPA for 225 MW capacity of Chandrapur at attractive rates.
Outlook
We retain Buy on CESC with an unchanged PT of Rs. 195 on a SOTP basis. Renewable energy capex would drive the growth and turnaround of the distribution business would further aid the earnings.
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