CESC · Power
CESC Ltd. reported revenue of ₹4,352 cr for July to September 2023, — on the year and +1.0% on the quarter.
Operating profit (EBITDA) was ₹646 cr, a margin of 14.8%, — on the year and −195 bps on the quarter.
Net profit was ₹363 cr, — on the year and −1.4% on the quarter, with earnings per share of ₹2.63.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 92% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,352 cr | ₹3,244 cr | ₹3,387 cr | ₹4,863 cr | ₹4,700 cr | ₹3,561 cr | ₹3,877 cr | ₹5,202 cr | ₹5,267 cr | ₹4,005 cr | ₹4,096 cr | ₹5,485 cr |
| YoY | — | — | — | +13% | +8% | +10% | +14% | +7% | +12% | +12% | +6% | +5% |
| EBITDA margin | 14.8% | 10.7% | 12.1% | 7.6% | 19.1% | 17.1% | 20.9% | 16.6% | 20.1% | 19.5% | 18.1% | 16.3% |
| Other income, % of PBT | 92% | 170% | 154% | 151% | 41% | 109% | 63% | 61% | 27% | 67% | 81% | 47% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 21% | 17% | 1% | 21% | 19% | 22% | 17% | 20% | 21% | 21% | 30% | 23% |
| Net profit | ₹363 cr | ₹301 cr | ₹415 cr | ₹388 cr | ₹373 cr | ₹282 cr | ₹385 cr | ₹404 cr | ₹448 cr | ₹304 cr | ₹459 cr | ₹419 cr |
| YoY | — | — | — | +5% | +3% | −6% | −7% | +4% | +20% | +8% | +19% | +4% |
| Core profit YoY | — | — | — | −317% | +618% | — | — | — | +51% | — | −29% | +48% |
| EPS | ₹2.63 | ₹2.12 | ₹3.02 | ₹2.85 | ₹2.66 | ₹2.00 | ₹2.81 | ₹2.92 | ₹3.23 | ₹2.15 | ₹3.31 | ₹3.03 |
| Flags | 1 | 1 | 2 | 3 | ✓ | 1 | 1 | 1 | ✓ | 1 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
CESC Ltd. reported revenue of ₹4,352 cr (— on the year) and net profit of ₹363 cr (— on the year) for July to September 2023.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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