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CESC (Favourable risk reward, ADD):
Monthly cash losses in CESC’s subsidiary Spencer Retail have halved, from the average of Rs250m in FY09 to ~Rs120m in 1HFY11. Moreover, it has achieved EBITDA breakeven at store level. CESC plans to invest Rs1.5bn over the next 18-24 months in large-format stores to achieve turnaround in Spencer’s. The core power business continues to deliver value, and milestone achievement in Chandrapur and Haldia (1.2GW) projects indicates that CESC is well-placed to double its generation capacity by FY15.
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