CESC Q2 net up 26% at Rs 171 crore

RP Sanjiv Goenka group's flagship power company CESC today reported 25.74% rise in net profit at Rs 171 crore for the quarter ended September 30, 2013.

The company had reported a net profit of Rs 136 crore in the corresponding period of last fiscal.

The net sales for the second quarter of the current fiscal stood at Rs 1,611 crore, registering a growth of 21.68% as against corresponding period of last financial year.

"This has been a decent quarter for us. A three% higher sales and a similar reduction in power purchase from state electricity boards saw an improvement in bottomline," CESC chairman Sanjiv Goenka said.

Spencers', Goenka said, has reported a monthly per sq feet sales of Rs 1363, and expected to break even by the end of fiscal. CESC has plans to get its retail subsidiary, Specers' to get listed after it turns profitable. Another five new stores, with a total area of over 210,000 sq feet,  will be added by March 2014.

Meanwhile, CESC's proposed 600 MW power project at Chandrapur(Maharastra) is ready to be commissioned in December.

"In the first phase first unit of 300MW would be operational. The second unit take another three months to be commissoned. We have signed cntract with Tamil Nadu state discom for supply of 100 Mw. Talks are on for further such contracts with two private companies, which would take care of entire capacity of Chandrapur," Goenka said.