CESC Q3 net profit up 25% to Rs 328 crore, firm announces record interim dividend
The Kolkata-based power utility's fuel and interest costs lowered during the reporting period, while the cost for electricity increased.
January 14, 2021 / 09:09 PM IST
Power utility CESC Ltd on Wednesday reported a 25-per cent on-year rise in consolidated net profit to Rs 328 crore for the December quarter.
The company's bottomline stood at Rs 263 crore in the corresponding period a year ago, it said in a regulatory filing. Revenue from operations rose during the quarter to Rs 2,539 crore against Rs 2,344 crore in the October-December quarter in 2019-20.
The Kolkata-based power utility's fuel and interest costs lowered during the reporting period, while the cost for electricity increased. CESC's standalone profit was marginally higher at Rs 182 crore in the quarter to December. Meanwhile, CESC announced a record interim dividend of Rs 45 per share, entailing a payout of close to Rs 600 crore. "It is the highest interim dividend in the history of the company.
In the last fiscal, the utility had declared 200 percent interim dividend," a company official said.
The promoters, led by the RP Sanjiv Goenka Group, own 49.9 percent in the company.
It also raised Rs 450 crore through non-convertible debentures in the December quarter, adding to the Rs 300 crore in July-September.