CESC Ltd Q4FY23 PAT up 2.1% at Rs433 crore due to higher net regulatory income

CESC Ltd reported 3.02% growth in sales revenues for the March 2023 quarter on consolidated basis at Rs3,102. Revenues were marginally lower by -0.86% sequentially. The company is into the business of generation and distribution of power in the Eastern region and the revenues tend to be regulated due to being a public utility. For the full year FY23, CESC reported 13.6% higher operating revenues at Rs14,246 crore.

The sharp fall in operating profits by -38.3% was largely on account of higher cost of energy purchased, which had gone up 18.2% on yoy basis. However, the net profits managed to grow marginally on a yoy basis largely due to a sharp surge in the net regulatory income for the quarter. Net profits for the full fiscal year FY23 stood almost flat at Rs1,343 crore. 

Financial highlights for Mar-23 compared yoy and sequentially

 CESC Ltd    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 3,102

₹ 3,011

3.02%

₹ 3,129

-0.86%

Operating Profit (Rs cr)

₹ 292

₹ 473

-38.27%

₹ 277

5.42%

Net Profit (Rs cr)

₹ 433

₹ 424

2.12%

₹ 319

35.74%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 3.27

₹ 3.19

 

₹ 2.40

 

OPM

9.41%

15.71%

 

8.85%

 

Net Margins

13.96%

14.08%

 

10.19%

 

 

For the fourth quarter, operating margins fell from 15.71% to 9.41% on the back of higher input cost pressures. Even the net margins fell marginally by 12 basis points to 13.96%, thanks largely due to higher net regulatory income. In the quarter, the company saw marginal improvement in the interest coverage and the debt service coverage ratios. The company had declared an interim dividend of Rs4.50 in February 2023.

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