CESC posts 1% fall in net profit at Rs 292 cr in March quarter

CESC today reported one per cent dip in its standalone net profit at Rs 292 crore in the quarter ended on March 31, 2018, compared with a year-ago period.

The company's standalone net profit was Rs 295 crore in the quarter ended on March 31, 2017, a BSE filing said.

The company's standalone total income was Rs 1,843 crore in the quarter up from Rs 1,631 crore year ago, it said in a statement.

The company's standalone net profit was Rs 871 crore in 2017-18 up from Rs 863 crore in the previous fiscal.

The company's consolidated net profit was Rs 1,155 crore in 2017-18 up from Rs 810 crore in the previous financial year.

Besides approving financial results, the board has appointed Debasish Banerjee as Managing Director (Distribution) and Rabi Chowdhury as Managing Director (Generation) of the Company each for a period of five years with effect from May 28, 2018, in its meeting held today. Both have been appointed by the board as additional directors of the company from the said date.

The appointments will be subject to the requisite approvals of the shareholders of the company in the next annual general meeting.

Banerjee was earlier the Chief Executive Officer of Reliance Energy. Chowdhury is the Managing Director of Haldia Energy Limited, a subsidiary of the CESC.

On expiry of his term of office as Managing Director, Aniruddha Basu has tendered his resignation as a Director with effect from May 28, 2018. Brij Mohan Khaitan, an Independent Director, has also tendered his resignation with immediate effect.

The company is engaged in generation and distribution of electricity and does not operate in any other reportable segment, it added.