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CESC second quarter profit up by 19 percent

Posted on Nov 09, 08:58PM | IANS

Power utility CESC Ltd., an R.P.-Sanjiv Goenka Group company, Friday reported a 19.3 percent jump in its net profit to Rs.136 crore for the quarter ended Sep 30 as compared to Rs.114 crore during the same period in the last financial year.

The company's net sales for the period under review also rose by 14.5 percent to Rs.1,324 crore, as against Rs.1,156 crore during the second quarter of the financial year 2011-12.

"Units sold during the quarter were higher by around two percent compared to the previous quarter. Taking a long view, in the last five years, real growth in tariff is modest, considering rising coal prices," said Sanjiv Goenka, chairman, R.P.-Sanjiv Goenka Group.

Goenka attributed increased efficiency in distribution as the main reason for the improved performance.

"The downward trend in distribution loss has continued during this quarter as well. Due to efficient coal management, fuel cost per unit generated during this quarter has also been comparatively low," added Goenka.

He said the company's two upcoming thermal power projects in West Bengal's Haldia and in Maharastra's Chandrapur were progressing as per schedule.

The 600 MW Haldia project, comprising two 300 MW units, is likely to be commissioned by November, 2014. The 600 MW Chandrapur project would be commissioned within financial year 2013.