Kolkata / Mumbai: RPG group-controlled power utility, CESC Ltd, hopes to maintain its 12% rise in first quarter profits through the fiscal. “I think the first quarter is pretty much representative. I would expect a similar kind of outlook for the year as we go ahead,” Sanjiv Goenka, vice-chairman, told TV channel ET Now on Friday.
CESC’s stand-alone net profit in the June quarter rose to Rs105 crore, beating consensus estimates of a Reuters poll of brokerages that predicted a 5.67% decline in profit.
“It is due to increased efficiency and lowered transmission and distribution losses,” Goenka told Reuters.
However, net sales increased a modest 3% to Rs809 crore against Rs783 crore a year ago. The Reuters poll saw revenue growth of about 8%.
The RPG group utility saves about Rs1 crore a day from reduced transmission and distribution losses and has a plant load factor of about 90-95% for its four power generating units.
The firm has acquired most of the 280-300 acres land for its 600MW Haldia plant, Goenka said. “We are still awaiting 40 acres... Everything is tied up. We will go for financial closure once we get this land... The (West Bengal) government has assured me that the land will be given soon.”
CESC ended 0.78% higher in a firm Mumbai market which was up 0.97%.