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ICICI Securities Report
CESC Ltd. has reported steady earnings in its consolidated business in Q3 FY22. Its revenues were up 15.3% YoY to Rs 31.1 billion while profit after tax increased 1.5% YoY to Rs 3.3 billion.
On standalone basis, revenues were up 5.1% YoY to Rs 18.6 billion while profit after tax increased 1.1% YoY to Rs 1.8 billion. Key factors impacting the consolidated profits during Q3 FY22 included:
lower return on equity for Kolkata distribution business since the tariff order remains pending, due to which incremental RoE is not being booked;
high merchant prices boosting Chandrapur's profit by 79% YoY;
lower demand at Rajasthan distribution franchises eroding profits by 91% YoY;
7.8% YoY decline in Haldia's profit due to a one-time cost reduction exercise in FY21, which benefitted Q3 FY21 profit;
17.4% increase in Noida Power's profit due to increase in CESC's stake.
CESC has declared an interim dividend of Rs 4.5/share for FY22.
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