CESC Ltd.|Q2FY15 Result Update | CMP : Rs.757 | Rating : NR | Strong set of number, EBITDA margin expanded by 243 bps YoY :: IndiaNivesh

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CESC reported Q2FY15 PAT number (standalone) above our expectation due to
higher operating income. Though, Revenue stood at Rs. 16.61 bn, (vs our estimate
of Rs. 17.20 bn) marginally up by 1.8% YoY, EBITDA margin expanded by 243 bps
YoY to 25.5% vs. our expectation of 21% due to lower employee cost and other
expenditure. CESC’s plants operated at 98% PLF v/s 97.1% YoY, while generation
stood at 2.4 bn units (flat YoY). CESC purchased 657 mn unit powers in Q2FY15 vs
575 mn unit in Q2FY14. Reported net profit stood at Rs. 1.92 bn up by 12.3% YoY
(above our expectation of Rs 1.49 bn). Haldia (300x2 MW TPP in Haldia, West
Bengal) 600 MW project in advanced stage and its first unit is expected to
commission by end of FY15.
Strong set of number, EBITDA margin expanded by 243 bps YoY
CESC’s retail arm Spencer Sales continue to improve and this has reflected in the
gradual improvement of sales. Average sales have remained same at Rs. 1363/sqft
in Q2 FY‘15 despite opening new stores. Same stores EBIDTA of Spencer stood at
Rs. 82/ sqft during Q2FY15. Spencer‘s Retail has open 1 new Hyper store during the
quarter.

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