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RP-Sanjiv Goenka Group flagship CESC Ltd has reported a 2 per cent rise in standalone net profit to ₹176 crore for the quarter ended December 31, 2019. The net profit in the corresponding period last fiscal stood at ₹173 crore.
Net profit was driven primarily by a decline in tax expense for the period under review. Tax expense stood at ₹38 crore,; a near 57 per cent decline over the ₹88 crore it reported in the year-ago-period.
The company, however, saw a near 4 per cent year-on-year decline in revenue in operations to ₹1,648 crore (1,707 crore). Even profit before tax saw a near 18 per cent, year-on-year, decline to ₹214 crore.
Company sources attribute this decline in turnover and profit before tax to seasonal factors.
On a consolidated basis, the company saw its net profit rise by approximately 10 per cent, year-on-year, to ₹263 crore (₹239 crore) while revenue from operations saw a near 3 per cent drop, year-on-year to ₹2,344 crore.
Interim dividend
CESC Ltd has also announced an interim dividend of ₹20 per paid-up equity share of face value ₹10 each for FY20. The dividend will be “paid on and from February 25,” it said in a notification to the bourses. The total outgo on account of payment of interim dividend will be ₹320 crore.
The company stock closed at ₹728.40, up 1.01 per cent, at the BSE on Tuesday.
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