CESC Q3 net profit falls 10% to Rs 301 crore due to higher expenses

Power utility CESC Ltd's consolidated net profit dipped over 10 per cent to Rs 301 crore in the December quarter, mainly due to higher expenses.

Its consolidated net profit was Rs 336 crore in the quarter ended December 2022, a BSE filing showed.

The total expenses rose to Rs 3,497 crore in the quarter under review from Rs 3,141 crore in the year-ago period.

The company's total income rose to Rs 3,301 crore in the quarter against Rs 3,224 crore a year ago.

The Board has declared an interim dividend of Rs 4.50 per equity share (i.e., 450 per cent) on the paid-up equity share capital of the company.

The record date to ascertain the eligibility of members to receive the said interim dividend is February 1, 2024.

The Board, in its meeting on Friday, also approved the appointment of Arjun Kumar as a non-executive director in the category of an Independent Director of the company for a term of five years with effect from January 19, 2024.

Kumar is not related to any Director of the company and satisfies the criteria of independence.

Further, the company confirmed that Kumar is not debarred from holding the office of Director by virtue of any Sebi order or any other statutory authority.