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Motilal Oswal Report
CESC Ltd.'s standalone Q1 results highlight a modest profitability improvement.
Volumes for standalone improved 23% YoY (on a low base), but standalone profit after tax was up just 3% YoY.
Consolidated profit after tax, on the other hand, rose 37% YoY on lower losses in its distribution franchise business.
Dhariwal has turned profitable and distribution franchises are showing signs of a turnaround.
CESC's integrated business in Kolkata is high return on equity and generates strong cash flows.
Even as we factor in the tightening of norms at Haldia and standalone, the stock trades attractively at 7.3/6.8 times FY22/FY23 price/earning.
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