CESC - Q2FY21 First Cut - ICICI Direct

(CMP - Rs. 608, MCap - Rs. 7596 crore)

CESC reported its Q2FY21 results which were below estimates on all fronts. EBIDTA got impacted mainly on account of higher employee costs and other expenses. Even the PAT was aided by negative tax charge.

Q2FY21 Earnings Summary

- Reported revenues came in at Rs. 1980 crore vs. estimate of Rs. 2234.9 crore. We do not have the operational data but we sense lower than expected energy sold would have led to revenue miss. The consolidated revenues came in at Rs. 2990 crore, flat YoY

- EBITDA came in at Rs. 338 crore vs. our estimate of Rs. 490.1 crore. The miss was on account of higher employee expenses and other expenses which came in at Rs. 254 crore and Rs. 250 crore vs. our estimate of Rs. 245 and Rs. 223 crore respectively

- Reported PAT came in at Rs. 228 crore vs. our estimate of Rs. 274.4 crore. This would have been lower if the tax outgo would have been positive during Q2YF21. Consolidated PAT came in at Rs. 371 crore

We would be coming out with a detailed report soon.

Shares of CESC LTD. was last trading in BSE at Rs.601.1 as compared to the previous close of Rs. 576.6. The total number of shares traded during the day was 29013 in over 2992 trades.

The stock hit an intraday high of Rs. 609.45 and intraday low of 578. The net turnover during the day was Rs. 17231501.

Source : Equity Bulls

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