Companies

CESC standalone March quarter net up 8% to ₹270 crore; board approves stock split

Our Bureau Kolkata | Updated on June 16, 2021

Sanjiv Goenka, Chairman, CESC

The company says that there is no big impact on the business due to the pandemic

RP-Sanjiv Goenka Group flagship, CESC Ltd’s board has approved a proposal for sub-division of an existing equity share of nominal value of ₹10, into ten equity shares of nominal value ₹1 each.

A consequent alteration of capital clause of the Memorandum of Association and Articles of Association of the companyhas also been approved. The proposal now needs approval of shareholders.

“The company intends to improve the liquidity of its shares in the stock market by reducing the nominal value of the shares through the process of subdivision,” it said in a filing to the bourses.

Post the sub-division, there will, however, be no change in authorized, subscribed and paid-up share capital of CESC.

Financial results

The company saw an 8 per cent rise in standalone net profit to₹270 crore for the quarter ended March 31, 2021. Net profit in the year-ago period was ₹250 crore.

During the quarter, CESC saw a 10 per cent rise, in total income to ₹1,792 crore.

For the full fiscal, the standalone net profit saw a 11 per cent drop to ₹814 crore; while total income fell by a similar 11 per cent, YoY, to ₹7,101 crore.

CESC in a filing said, considering power supply being an essential service, management believes that there is not much of an impact due to the pandemic on the business of the company, its subsidiaries and joint ventures. In some cases though, it expects lower demand and its consequential impact on supply and collection from consumers, which are most likely to be “temporary in nature”.

Published on June 16, 2021

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