Buy CESC; target of Rs 905: Sharekhan

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Sharekhan's research report on CESC

Turnaround of Dhariwal Infrastructure and moderation of losses at distribution franchisee to improve earnings outlook. Q1FY20 standalone PAT increased by 18% y-o-y to Rs. 217 crore; consolidated earnings was dragged down by lower contribution across subsidiaries. Valuation seems attractive at 9.1x FY2021E EPS and 0.9x FY2021E book value on standalone basis.

Outlook

We maintain our Buy rating on CESC Limited (CESC) with an unchanged SoTP-based PT of Rs. 905.

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