CESC posts Rs.256 crore profit in Q4

Power utility CESC Ltd. Tuesday posted a net profit of Rs.256 crore for the quarter ended March 31, 2013, compared to Rs.255 crore for the same quarter last year.

According to the RP-Sanjiv Goenka Group chairman, Sanjiv Goenka, CESC's net profit for the fourth quarter last fiscal had almost been unchanged compared to same period of the previous fiscal on the back of low demand for power from customers.

"This was the worst quarter we had in the entire financial year," Goenka told reporters here after announcing the results.

Net sales for the quarter under review stood at Rs.1,492 crore as against Rs.1,360 crore for the like period in the previous fiscal, registering a 9.7 percent year-on-year growth.

The firm's total expenses for the period rose to Rs.1,132 crore from Rs.1,045 crore for the same period in the previous financial year.

For the full year, the city-based firm's profit after tax stood at Rs.618 crore for last financial year compared to Rs.554 crore for previous financial year, recording a year-on-year growth of 11.5 percent.

Gross revenue from sales of electricity rose to Rs.5,242 crore during 2012-13, from Rs.4,605 crore during 2011-12.

Goenka, who was Tuesday appointed the chairman of CESC Ltd., said sales in million kilowatt-hour (kwh) during the year under review were higher by around 3.7 percent.

Sanjiv Goenka was earlier the vice chairman of the company. His father R.P.Goenka, who passed away in April this year, was the previous chairman.

The firm's total expenses during last fiscal increased to Rs.4,299 crore from Rs.3,813 crore during previous fiscal, primarily on the back of rise in coal costs.

"Coal prices have been doubled over the last year. Thus, huge pressure from coal prices is a challenge," Goenka said.

He said the firm's 40 MW wind power project at Jaisalmer in Rajasthan has started operation.

Informing media persons that the company was aiming to set up a wind power unit in Gujarat, he said, "We are currently examining different sites."

Meanwhile, the company's board has decided to appoint Aniruddha Basu as the new managing director. Basu will take over as the managing director of the CESC from August 1.

Present managing director Sumantra Banerjee's term will expire July 1, 2013.