CESC · Power
CESC Ltd. reported revenue of ₹3,877 cr for January to March 2025, +14.5% on the year and +8.9% on the quarter. Over the last four quarters revenue comes to ₹17,001 cr, +11.2% on the four before.
Operating profit (EBITDA) was ₹812 cr, a margin of 20.9%, +884 bps on the year and +381 bps on the quarter. It is the widest margin of the last 8 quarters (range 7.6% to 20.9%). Operating costs grew +3.0% against revenue growth of +14.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹385 cr, −7.2% on the year and +36.5% on the quarter, with earnings per share of ₹2.81. The tax rate of 17% is in line with its recent average. Profit over the last four quarters totals ₹1,428 cr, −1.3% on the four before.
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 ₹10.32 over the last four quarters, the stock at ₹135.94 trades at 13.2 times trailing earnings.
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 63% of profit before tax, against 154% 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.
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 ₹3,877 cr (+14.5% on the year) and net profit of ₹385 cr (−7.2% on the year) for January to March 2025.
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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