>CESC - MP (INDIA INFOLINE)

■ Revenues higher by 15% yoy to Rs7.5bn, as overall PLF and average realizations improve.

■ PAT stood at Rs 940mn, higher by 9% yoy, higher than our estimate.

■ Budge Budge II progressing well, expected to commercialize by September-09.

■ Spencer's estimated loss for FY09 stands at ~Rs2.5bn, higher than our estimate.

Recommendation parameters for fundamental reports:

Buy - Absolute return over +10%

Market Performer - Absolute return between -10% to +10%

Sell - Absolute return below -10%


To see full report: CESC