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ICICI Securities Report
CESC Ltd. has reported better-than-expected earnings for its consolidated business in Q1 FY21 despite being affected by the lockdown.
Standalone/consolidated profit after tax came in at Rs 13.4 billion/Rs 2 billion (down 38.2%/down 13.4% YoY) mainly due to combined loss of Rs 640 million at Rajasthan distribution franchises (profit after tax down 37.7% YoY) and the recently started Malegaon distribution franchise.
However, the loss was partly offset by good performance at Chandrapur (profit after tax Rs 240 million versus loss of Rs 240 million in Q1 FY20).
Lockdown affected not only the distribution franchise businesses, but also incentive income in the regulated business though distribution franchise losses were lower than expected.
There was fixed-cost under recovery, which is expected to be addressed in the coming quarters.
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