Buy CESC; target of Rs 793: Motilal Oswal

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Motilal Oswal 's research report on CESC

CESC’s 4QFY20 results highlight the benefit of improved performance for its distribution franchisee (DF) and Dhariwal businesses with consol. PAT increasing 7% YoY. On the other hand, S/A PAT declined 19% YoY, leading to a miss on our estimates. - While the muted power demand environment could impact profitability in the near term, the longer-term story remains intact.

Outlook

Performance at Dhariwal and DFs continue to improve. Despite factoring in the tightening of norms at Haldia and for the S/A, the stock trades attractively at 7x FY21E P/E. Maintain Buy with TP of INR793/share.

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