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CESC net up 36.49% to Rs 101 crore

Net sales during the quarter rose 5.36% to Rs 1022 crore

Probal Basak  |  Kolkata 

The RP-Sanjiv Goenka Group flagship company CESC has posted a 36.49% rise in net profit at Rs 101 crore for the quarter ended December, 2012 compared to a net profit of Rs 74 crore during the corresponding period last year.

Net sales during the quarter rose 5.36% to Rs 1022 crore, against Rs 970 crore in the year-ago period.

"In all parametres it has done better than before. Also, units sold during the quarter was marginally higher. Fuel cost per unit generated during the quarter could be contained at the same level due to efficient coal management," said Sanjiv Goenka, chairman, RP-Sanjiv Goenka Group.

Noida Power Company's plans:

Noida Power Company Limited (NPCL), the RP Sanjiv Goenka group-controlled electricity distributor, is planning to set up a power plant with 600 mw capacity.

"We do have plan to go for Noida Power Company to set up a 600 MW thermal power plant in Uttar Pradesh. We have written to the UP government seeking land" Goenka said. The company has sought a little less than 500 acresh for the proposed greenfield popwer project.

Noida Power Company Limited, a joint venture between the RP-Sanjiv Goenka Group and Greater Noida Industrial Development Authority, distributes power in Greater Noida,

Spencer's listing:

The company has already initiated process to get its retail business firm, Spencer's listed.

"We can consider an initial public offering (IPO) for Spencer's, or there can be a mirror image demerger where all the shareholders of CESC become shareholders of Spencer's in equal proportions. We are in the process of deciding that. KPMG and Ambit is expected to submit a report by end of March. We will take a decision after that," Goenka said.

First Published: Tue, February 12 2013. 15:15 IST