ICICI Direct: CESC - Subsidiaries’ Performance Robust In Q2; Base Business Muted
Utility and power cables hang from a pole in the Khilona Wala Bagh slum cluster in New Delhi. (Photographer: Prashanth Vishwanathan/Bloomberg)

ICICI Direct: CESC - Subsidiaries’ Performance Robust In Q2; Base Business Muted

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Consistent improvement of generation and distribution subsidiaries was the key takeaway in CESC Ltd.’s Q2 FY21 results as Dhariwal Infra posted profit for H1 FY21 while losses at the distribution level fell sharply.

On a standalone basis, Q2 FY21 results were below estimates on all fronts as energy sold came in lower-than-expected on account of lockdown.

Ebitda was impacted mainly on account of higher employee costs and other expenses. Even profit after tax was aided by negative tax charge.

Click on the attachment to read the full report:

ICICI Direct CESC Q2FY21 Result Update.pdf

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