CESC Q4 Review - Modest Recovery In The Standalone Business: Motilal Oswal
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Motilal Oswal Report
CESC Ltd.’s Q4 FY21 results highlight a modest recovery in the standalone business.
Volumes in the standalone entity improved, but grew just 6% YoY on a low base.
Standalone profit after tax rose 8% YoY, while consolidated profit after tax fell 4%, led by lower profit at Dhariwal and Crescent and Surya.
Dhariwal has turned profitable, and distribution franchises are showing signs of improvement.
The company’s integrated business in Kolkata generates a high return on equity and strong cash flows.
We factor in tightening of norms at Haldia and for the standalone entity.
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