Quarterly Results: CESC Ltd
Bhagyashree Vivarekar / 12 Dec 2016
CESC Ltd reported strong performance at the revenue level, however, bottom-line growth remained subdued. It is currently trading at Rs 622,, down by 1.5 points or 0.24 per cent from its previous close of Rs 623.5 on the BSE.
Technical View:
CESC Ltd is currently trading at Rs 622,, down by 1.5 points or 0.24 per cent from its previous close of Rs 623.5 on the BSE.
The scrip opened at Rs 622 and has touched a high and low of Rs 633.35 and Rs 610, respectively. A total of 989825 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 100 DMA.
Standalone Results Q2FY17:
CESC Ltd reported its Q2FY17 standalone results, beating our estimates completely. Revenue for the period was 15.2 per cent higher than our estimate of Rs 1,750 crore. EBITDA margin was 632 bps higher than our estimate of 29.3 per cent. Also, net profit came was 48.4 per cent higher than our estimate of Rs 163 crore.
The company reported a revenue growth of 12.1 per cent YoY to Rs 2,016 crore for the quarter. Its EBITDA for the quarter rose 26.8 per cent YoY to Rs 591 crore with EBITDA margin expanding 340 bps YoY to 29.3 per cent. This was primarily due to the 13 per cent YoY decline in fuel expenses.
However, the bottomline performance remained subdued with net profit showing a 2.5 per cent YoY growth to Rs 242 crore. This was due to a regulatory expense of Rs 60 crore during Q2FY17 as against a regulatory income of Rs 49 crore in Q2FY16.
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