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Motilal Oswal Report
CESC Ltd.’s Q2 results highlight the impact of lower volumes on the standalone business.
Standalone profit after tax declined 17% YoY, in line with our estimates.
Consolidated profit after tax, on the other hand, grew 2% YoY, partly led by a better performance at Dhariwal.
While a muted power demand environment has impacted profitability in the near term, current valuations more than factor this.
Performance at Dhariwal and distribution franchisees would continue to improve.
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