CESC Q3 profit up 25 pc at Rs 328 cr

CESC Ltd on Wednesday posted around 25 per cent jump in consolidated net profit at Rs 328 crore for December quarter, 2020-21. In the year-ago period, it logged a net profit of Rs 263 crore, the company said in a BSE filing.

Total income in the latest quarter rose to Rs 2,581 crore from Rs 2,377 crore in the same period a year ago. The company's board at its meeting held on Wednesday declared an interim dividend of Rs 45 per equity share (i.e., 450 per cent) on the paid-up equity share capital.

The dividend will be paid on and from February 5, 2021. Further, it said the board has decided to reorient and reorganise the power distribution business of the company under Eminent Electricity Distribution Ltd (Eminent), a wholly-owned subsidiary of the company, over a period of time.

Besides, subject to applicable laws, it will consolidate in Eminent all investments of the company in distribution business (other than in its operations in Kolkata and adjoining areas).

CESC group's business includes generation and distribution of power in India.

About the impact of the pandemic, the company said since power supply is an essential service, the management believes that there is not much of an impact likely on the business of the group except some lower demand and its consequential impact on supply and collection from consumers, which are believed to be temporary in nature.

The group is also monitoring the performance of its assets, basis which, no impairment is required to be recognised in respect of such assets, it added.

The company is primarily engaged in generation and distribution of electricity.