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ICICI Direct Report
Consistent improvement of generation and distribution subsidiaries was the key takeaway in CESC Ltd.'s Q2 FY21 results as Dhariwal Infra posted profit for H1 FY21 while losses at the distribution level fell sharply.
On a standalone basis, Q2 FY21 results were below estimates on all fronts as energy sold came in lower-than-expected on account of lockdown.
Ebitda was impacted mainly on account of higher employee costs and other expenses. Even profit after tax was aided by negative tax charge.
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