Business News/ Companies / Company Results/  CESC March quarter profit up marginally at 433 crore

Mumbai: West Bengal-based energy distribution firm CESC Ltd on Monday, recorded a muted 2% year-on-year rise in its net profit at 433 crore for the January-March quarter. The profit was higher than a Bloomberg consensus estimate of 385.9 crore.

During the March quarter, CESC’s revenue increased by 3% to 3,102 crore as compared to 3,011 crore in the same period of FY2022.

The listed flagship company of the Sanjiv Goenka promoted RPSG Group, with a market capitalization of 8781.75 crore, produces and distributes electricity in Kolkata and Howrah, making it the country's first fully integrated electrical utility corporation.

For the fiscal year 2023, the company’s consolidated net profit saw a marginal decline of 1.2% to 1,343 crore. However, during the year the company's overall revenue grew by 13.6% to 14,246 crore.

CESC’s board has approved the reappointment of Rabi Chowdhury as the company’s managing director (generation business) and Debasish Banerjee as managing director for the distribution business for one year.

At present, CESC has a total installed capacity of 1,125 MW and serves at least 3.4 million customers, including residential, industrial, and commercial users. In the renewable energy space, CESC owns solar power plants in Gujarat and Tamil Nadu with a combined capacity of 27MW. The company is the only electricity distributor in a 567 sq km area that includes Kolkata, Howrah, and neighboring areas.

CESC had declared an interim dividend of 4.50 per share on 14 February, which was subsequently paid during the quarter.

Shares of CESC closed 2% down at 70.25 apiece on the National Stock Exchange on Monday.

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Updated: 22 May 2023, 05:16 PM IST
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