CESC · Power
CESC Ltd. reported revenue of ₹3,561 cr for October to December 2024, +9.8% on the year and −24.2% on the quarter.
Operating profit (EBITDA) was ₹610 cr, a margin of 17.1%, +646 bps on the year and −193 bps on the quarter. Over the last 7 quarters the margin has ranged from 7.6% to 19.1%, averaging 14.0%. Operating costs grew +1.8% against revenue growth of +9.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹282 cr, −6.3% on the year and −24.4% on the quarter, with earnings per share of ₹2.00. The tax rate was 22% against an average of 16% over the previous 6 quarters, which weighed on profit this quarter.
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.
On earnings per share of ₹10.53 over the last four quarters, the stock at ₹135.94 trades at 12.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, 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 109% of profit before tax, against 170% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| 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 ₹3,561 cr (+9.8% on the year) and net profit of ₹282 cr (−6.3% on the year) for October to December 2024.
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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