Mumbai-based power major BSES's net profit has risen by nearly 23 per cent to Rs 213.30 crore in 1996-97 from Rs 173.47 crore in 1995-96.
Net sale of electricity rose by 18 per cent to Rs 1772 crore (Rs 1501.30). BSES has stepped up the dividend to Rs 3 per share from Rs 2.8 per share last year. The EPS of the company stood at Rs 15.06. The company's bottomline has been boosted substantially by a 52 per cent rise in other income. Other income rose to Rs 127. 86 crore in 1996-97 from Rs 83.65 crore the previous year.
Interest charges increased by 58 per cent to Rs 113 crore from Rs 71 crore. Depreciation costs, too, spurted to Rs 131.46 crore from Rs 72.34 crore. The increase in profits from electricity sales is 7 per cent. The rest of the profits have come from other income, including the contracts and computers division.
This is mainly because of the increase in cost, repair and maintenance expenditure. The last tariff revision of the company was in August, 1994 and the latest in March, 1997, according to a company press realise.
BSES has attributed its enhanced profitability to a substantial improvement in operational efficiency and lesser dependence on Tata Electric Companies for purchase of power. with the improved performance of Dhanu power station.
System loss, which was about 15 per cent in 1993-94, has come down to 11.7 per cent in 1996-97. This in turn has translated into an improvement in profitability to the tune of Rs 48.5 crore.
The 500-mw coal-fired Dahanu power station operated at a plant load factor of 95 per cent in the last six months of 1996-97. The second transmission line between Dahanu and Mumbai has also been commissioned, ensuring a higher reliability of power to the city.
