Mirae Asset Sharekhan's research report on CESC
CESC in its investor day presented its Vision 2030. The company intends to double the PAT by then. Company has strong capex plans of over Rs. 32,000 crore till FY30, with Rs. 23,000 crore for renewables, Rs. 6,000 crore for distribution and Rs. 3,000 crore for developing a 3GW cell & module manufacturing capacity. The growth plan includes pursuing new distribution licenses in UP and other areas and turnaround in Malegaon DF.
Outlook
We retain Buy on CESC with an unchanged PT of Rs. 195 on a SOTP basis. Renewable energy capex, new distribution license wins would drive the growth and turnaround of the existing distribution business would further aid the earnings.
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