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ICICI Securities Report
CESC Ltd. disappointed with its earnings in Q4 FY22 as the company was constraint on taking tariff hike and one-off profits masked the reported figures.
While its reported revenue was up 11.7% YoY to Rs 33.4 billion and profit after tax was flat YoY at Rs 4.2 billion, but adjusting for on-offs during the quarter –
gain of Rs 400 million (post tax) from profit on sale of Surya Vidyut and
Rs 600 million prior period return one equity booked – adjusted profit after tax was 23% lower YoY at Rs 3.2 billion.
Key factors impacting consolidated profits during Q4 FY22 included:
lower profits for Kolkata distribution business since CESC did not hike tariffs through monthly variable cost adjustment, despite cost increases, as the regulator reserved the hike for APR;
500 million units decline in power sales versus pre-Covid levels leading to lower revenue and cost recovery;
129% increase in Noida Power’s profit.
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