CESC Ltd - Stock Valuation and Financial Performance

BSE: 500084 | NSE: CESC | Power Generation/Distribution | Small Cap

CESC Share Price

121.40 -0.75 -0.61%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on CESC

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

CESC stock performance -

mw4me loader
P/E Ratio (SA):
19.44
Market Cap:
16,191.8 Cr.
52-wk low:
62.8
52-wk high:
149.9

Is CESC Ltd an attractive stock to invest in?

1. Is CESC Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that CESC Ltd is a average quality company.

2. Is CESC Ltd undervalued or overvalued?

The key valuation ratios of CESC Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is CESC Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of CESC Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of CESC:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
CESC Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 9.3%8.4%7.5%5.8%6.3%6%6%5.4%4%4.1%-
Value Creation
Index
-0.3-0.4-0.4-0.6-0.5-0.6-0.6-0.6-0.7-0.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5,5106,1896,7967,2207,7867,7547,8366,9217,2947,9738,447
Sales YoY Gr.-12.3%9.8%6.2%7.8%-0.4%1.1%-11.7%5.4%9.3%-
Adj EPS 5.45.165.45.143.93.72.21.96.3
YoY Gr.--5.8%18.9%-11.3%-5.1%-21.3%-3%-5.9%-40%-14.6%-
BVPS (₹) 48.654.598.1100.571.373.775.775.375.175.278.6
Adj Net
Profit
672672800709674530514483291248832
Cash Flow from Ops. 1,9867321,9271,6861,5741,2201,2828107091,196-
Debt/CF from Ops. 27.22.83.53.855911.86.9-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 4.2%0.5%0.6%9.3%
Adj EPS -11.1%-18.1%-21.6%-14.6%
BVPS5%1.1%-0.3%0.1%
Share Price 9% 11% 26.2% 92.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
9.98.97.65.45.95.55.24.82.92.58.2
Op. Profit
Mgn %
28.326.32724.222.218.919.418.116.716.127.1
Net Profit
Mgn %
12.210.911.89.88.76.86.6743.19.9
Debt to
Equity
0.70.70.40.50.60.60.60.70.80.8-
Working Cap
Days
22222930337231826927735136436072
Cash Conv.
Cycle
80775742383429394135-48

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 8.20%

Debt to equity has declined versus last 3 years average to 0.83

Sales growth has been subdued in last 3 years 0.58%

Net Profit has been subdued in last 3 years -21.60%

Sales growth is not so good in last 4 quarters at 6.26%

Latest Financials - CESC Ltd.

Standalone Consolidated
TTM EPS (₹) 6.3 10.6
TTM Sales (₹ Cr.) 8,447 15,008
BVPS (₹.) 78.6 89
Reserves (₹ Cr.) 10,289 11,668
P/BV 1.55 1.37
PE 19.44 11.49
From the Market
52 Week Low / High (₹) 62.77 / 149.90
All Time Low / High (₹) 0.91 / 149.90
Market Cap (₹ Cr.) 16,192
Equity (₹ Cr.) 132.6
Face Value (₹) 1
Industry PE 20.2

Management X-Ray of CESC:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales5,5106,1896,7967,2207,7867,7547,8366,9217,2947,973
Operating Expenses 3,9994,5604,9665,5586,0786,3096,3415,6856,0866,686
Manufacturing Costs3,2853,6653,8764,4344,6404,8384,8134,3454,6995,197
Material Costs0000000000
Employee Cost 694694707780860926969900886983
Other Costs 19201383344578545559440500506
Operating Profit 1,5111,6281,8301,6621,7081,4451,4951,2371,2081,287
Operating Profit Margin (%) 27.4%26.3%26.9%23.0%21.9%18.6%19.1%17.9%16.6%16.1%
Other Income 10094140208199185189232201180
Interest 448496555558592574650616611715
Depreciation 339343370401426433448463471480
Exceptional Items 000190209560532457716787
Profit Before Tax 8258831,0461,1011,0991,1831,1198471,0441,060
Tax 17318520123823724620133228229
Profit After Tax 652698845863862937918814816830
PAT Margin (%) 11.8%11.3%12.4%12.0%11.1%12.1%11.7%11.8%11.2%10.4%
Adjusted EPS (₹)5.25.36.46.56.57.16.96.16.26.3
Dividend Payout Ratio (%)15%17%16%15%18%25%29%73%73%72%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7,0398,08013,00113,3249,4489,76410,0389,9789,9559,964
Share Capital 126133133133133133133133133133
Reserves 6,9137,94712,86813,1919,3149,6319,9059,8449,8229,831
Minority Interest0000000000
Debt3,3794,3244,4255,2074,9604,8455,2786,3256,9836,410
Long Term Debt2,8043,1832,9663,7723,6673,3603,6885,4115,6695,458
Short Term Debt5761,1411,4591,4351,2931,4851,5909141,314952
Trade Payables208326364377488619597782556725
Others Liabilities 5,7046,1889,5509,52311,13410,86011,03810,57410,51211,160
Total Liabilities 16,32918,91827,34128,43126,03026,08926,95227,65828,00528,260

Fixed Assets

Gross Block14,24215,26615,48616,10216,69417,35218,11818,49618,90819,336
Accumulated Depreciation5,6236,0326271,2891,9632,6713,3714,0594,7185,408
Net Fixed Assets8,6199,23414,85914,81414,73114,68014,74714,43714,19013,929
CWIP 4102621961881276789664364
Investments 3,1914,2494,6084,6494,7564,9994,5085,0745,0165,063
Inventories346405317379387383387380434502
Trade Receivables1,1851,3829669691,0411,0289911,3941,0351,080
Cash Equivalents 7817388379247236241,4139571,275828
Others Assets1,7972,6485,5586,5104,2654,3094,8165,3496,0116,794
Total Assets 16,32918,91827,34128,43126,03026,08926,95227,65828,00528,260

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 1,9867321,9271,6861,5741,2201,2828107091,196
PBT 8258831,0461,1011,0991,1831,1198471,0441,060
Adjustment 731839925752858847948873866999
Changes in Working Capital 601-79315135-222-599-619-738-972-643
Tax Paid -170-197-195-202-161-212-165-172-230-220
Cash Flow From Investing Activity -1,839-1,973-1,141-1,708-1,042-662-114-1,065-379-380
Capex -913-953-798-742-594-640-619-431-530-390
Net Investments 131-46148501082655017758
Others -1,057-559-390-1,016-557-49-45-651143-48
Cash Flow From Financing Activity -1381,197-670112-734-672-440-243-22-1,280
Net Proceeds from Shares 049100000000
Net Proceeds from Borrowing 169648-209746149-1033271,522678311
Interest Paid -394-436-478-476-502-483-526-463-475-606
Dividend Paid -87-100-250-133-158-231-264-594-595-594
Others 175594266-25-22314524-709370-391
Net Cash Flow 10-4411690-202-114729-498308-464
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)11.3310.498.366.567.579.769.278.148.198.34
ROCE (%)13.212.2210.48.829.7511.2610.958.679.319.71
Asset Turnover Ratio0.350.350.290.260.290.30.30.250.260.28
PAT to CFO Conversion(x)3.051.052.281.951.831.31.410.871.44
Working Capital Days
Receivable Days79766349474947636148
Inventory Days22221918181818202021
Payable Days0000000000

CESC Ltd Stock News

CESC Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of CESC on 28-Mar-2024 16:01 is ₹121.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of CESC stood at ₹16,191.8.
The latest P/E ratio of CESC as of 28-Mar-2024 16:01 is 19.44.
The latest P/B ratio of CESC as of 28-Mar-2024 16:01 is 1.55.
The 52-week high of CESC is ₹149.9 and the 52-week low is ₹62.77.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of CESC is ₹8,447 ( Cr.) .

About CESC Ltd

CESC is India’s first fully integrated electrical utility company and it has been on an epic ride ever since 1899 in generating and distributing power in Kolkata and Howrah. The company has private participation in generation, transmission and distribution of electrical power. The company is the sole distributor of electricity within an area of 567sq km of Kolkata & Howrah which include domestic, industrial and commercial users. The company own & operate three thermal power plants. The company own & operate the Transmission & Distribution System through which it supplies electricity to consumers.

In diurnal course, the company has verged upon renewable sources. It has brought forth three projects in three different areas of renewable sources. These are Gujarat Solar, which is a solar plant in Gujarat’s Kutch, Hydro Power Venture (Papu Hydropower Projects Limited & Pachi Hydropower Projects) in Arunachal Pradesh and Wind Power Operation at Dangi in Rajasthan.

The company also installed two thermal power plants to meet the requirement of its electricity. These are Chandrapur Thermal Plant at Chandrapur, Maharastra and Haldia Thermal Plant at Haldia, West Bengal.

With its continuous effort to accomplish the requirement of its consumers and make them easily avail all its services from their premises, it has employed value added online services. By online services, work can be done from consumer’s premises and they don’t have to visit offices for any work.

Business area of the company

The company is engaged in electricity distribution with embedded generation facility, across 567 square kilometres of its licensed area in Kolkata, Howrah, Hooghly, North and South 24 Parganas in West Bengal. CESC supplies safe, cost-effective and reliable electricity to millions of customers. The Company, through its subsidiaries and an associate, also has a portfolio of independent power generation projects and distribution ventures in other parts of the country.

Awards and recognition

Generation

2015

  • 14th Annual Greentech Safety Award 2015
  • 16th National Awards for Excellence in Energy Management 2015” organised by Confederation of Indian Industry, Hyderabad
  • “IPPAI Power Award 2015” organised by Independent Power Producer Association of India
  • All India Runner up Shield as “Best Thermal Power Generator (Cheapest producing with efficiency)”
  • Asia Regional Plant Operational Excellence Award for the period 2012-14, by M/S Nevigant of USA & EEI (Edison Electric Institute of USA)

2016

  • FAME Excellence Award 2016 in Environment Protection
  • 15th Annual Greentech Safety Award 2016
  • ICC Environment Excellence Award 2016

2017

  • Rashtra Vibhushan Award 2016-17
  • Asian Power Awards 2017

2018

  • Apex India Occupation Health & Safety Gold Award 2018
  • Environmental Excellence Award 2018 from Mission Energy Foundation 
  • 19th National Award for Excellence in Energy Management 2018 organized by Confederation of Indian Industry (CII)
  • 2nd Annual Exceed Gold Award 2018
  • 18th Annual Greentech Environment

2019

  • IPPAI Power Awards 2019

Distribution

2015

  • IUKAN (India Utility Knowledge And Networking) Forum in the Power Distribution Sector 
  • 9th ENERTIA Awards 2015
  • 3rd Innovation with Impact Awards for Discoms, 2015 organised by Indian Chamber of Commerce
  • Frost & Sulivan Best Practices Award 2015

2016

  • ICC Award 2016 ; 1st Runner-up under the category - Quality of Service Award

2017

  • ICC Award 2017; 1st Runner-up under the category - Efficient Distribution Operation Award
  • ICC Award 2017; 1st Runner-up under the category - Quality of Service Award
  • 11th ENERTIA Awards 2017
  • 6th CII National Excellence Practice Competition on “Customer Engagement & Satisfaction Practices”

2018

  • ICC 6th Innovation Award 2018; Overall Winner - under the category Innovation with Impact
  • ICC 6th Innovation Award 2018; Winner - under the category Quality of Service
  • ICC 6th Innovation Award 2018; Winner - under the category Efficient Distribution Operation
  • 12th ENERTIA AWARDS 2018
  • “CBIP Award for Best Performing Power Distribution Utility” 

2019

  • IPPAI Power Awards 2019
  • ICC 7th Innovation with Impact Awards 2019
  • Project Evaluation & Recognition Program 2019 (PERP)
  • Assocham India Energy Excellence Awards 2019
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