CESC net up 137 percent in Q4 backed by tariff hikeMay 8th, 2012 - 7:40 pm ICT by IANS
Kolkata, May 8 (IANS) Backed by 13 per cent tariff hike, power utility CESC Ltd., an RP-Sanjiv Goenka Group company Tuesday reported a 137.5 percent jump in its net profit at Rs.2.66 billion for the quarter ended March 31, 2012 as against Rs.1.12 billion during the same period the previous year.
The Kolkata-based company got the nod from the West Bengal Electricity Regulatory Commission in March to hike its average tariff by 13 percent retrospectively for 2011-12.
The regulatory body directed the power the Calcutta Electric Supply Corporation (CESC) to recover the retrospective tariff hike in 48 monthly instalments.
“This quarter (January-March) PAT (profit after tax) is around Rs.135 crore (Rs.1.35 billion) and the additional Rs.130-odd crore (Rs.1.3 billion) is a reflection of the tariff hike,” Vice-Chairman Sanjiv Goenka said.
Company’s net sales for the quarter under review was Rs.13.48 billion against Rs.9.08 billion for the same period a year ago.
The board of the company Tuesday approved the 1,920 MW Balagarh power project in West Bengal.
“The project would see an investment of Rs.105 billion, which would be from internal accruals,” Goenka informed.
The project, which would be set up on 997 acres of land already owned by the company in Hooghly district, is likely to get commissioned by 2016-17.
“We have asked the state government to help us with coal linkages for the plant … time frame would be 36 months after getting the coal linkages,” Goenka said.
- Kolkata power firm may hike tariff - Aug 09, 2011
- CESC's Haldia thermal power project by 2013-14 - Jul 29, 2011
- CESC gears up to handle 3,000 MW distribution capacity - Jul 27, 2012
- CESC's Q3 net profit down 33 percent - Feb 13, 2012
- CESC's net profit dips 26 percent in Q2 - Nov 09, 2011
- CESC's consolidated net profit down 11 percent - Jun 13, 2012
- Calcutta power utility earns Rs.4,000 crore in FY11 - Apr 29, 2011
- Shanghai Electric to supply equipment for Haldia plant - Sep 15, 2011
- Sanjiv Goenka launches new group (Lead) - Jul 13, 2011
- Sanjiv Goenka launches new group - Jul 13, 2011
- CESC acquires two hydroelectric projects - May 16, 2012
- Reliance Infrastructure reports decline in Q1 profits - Aug 14, 2012
- CESC sees 11 percent rise in profit before tax - Feb 10, 2011
- CESC posts Rs.102 crore net profit in third quarter - Jan 22, 2010
- CESC revives Balagarh power project in West Bengal - Apr 29, 2010
Tags: accruals, calcutta, crore, electricity regulatory commission, goenka, group company, instalments, linkages, net profit, net sales, previous year, q4, quarter ended march, regulatory body, rs 1, rs 2, sanjiv, tariff hike, vice chairman, west bengal