The Arvind Kejriwal-led Delhi government had last week ordered a Comptroller and Auditor General (CAG) audit of the finances of the three power distribution companies — BSES Yamuna Power Ltd, BSES Rajdhani Power Ltd and Tata Power Delhi Distribution Ltd.
Reliance Infrastructure holds a 51 percent stake in BSES Rajdhani and BSES Yamuna. Tata Power holds 51 percent in Tata Power Delhi Distribution Ltd. The Delhi government holds the remaining 49 percent through its holding firm, Delhi Power Company Ltd, in each of the three companies.
According to Dole, investors in these two stocks are concerned about the cash flow impact than profit impact of this scrutiny. However, the broking firm has not yet changed its earnings estimate for Tata Power on the back of this Audit. But, Dole added that IIFL will closely monitor the key findings/contentious issues in the CAG audit.
Meanwhile, he expects state electricity board (SEB) demand to pick up closer to summer season and adds that revival in industrial output will be key to improvement in SEB offtake.
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