An increase in revenues notwithstanding, the RP-Sanjiv Goenka group flagship CESC Ltd saw a one per cent dip in standalone net profit to ₹292 crore in the quarter ended on March 31, 2018. Profit in the year-ago-period stood at ₹295 crore.

During the period under review, the company’s standalone total income saw a 13 per cent year-on-year jump to ₹1,843 crore.

For the full fiscal (FY18), standalone net profit saw a meagre one per cent jump to ₹871 crore.

Consolidated results

On a consolidated basis, the company reported a 43 per cent jump in net profit in FY18 to ₹1,155 crore compared with ₹ 810 crore it reported in the year-ago-period.

The profit was driven primarily by the power business. The segment saw an over nine per cent growth in annual profit before tax (and finance tax) to ₹2,508 crore (₹2,293 crore), while the property and process outsourcing verticals reported a 97 per cent and an over 4 per cent jump in profit before tax and finance cost, respectively. Retail operations (that include the hypermarket format Spencer’s Retail, among others) continued to be in red, with losses widening. The segment reported an over 76 per cent increase in losses (before tax and finance cost) to ₹118 crore in FY18 (₹67 crore).

New appointments

The board has appointed Debasish Banerjee as Managing Director (Distribution) and Rabi Chowdhury as Managing Director (Generation) with effect from May 28.

While Banerjee was previously the Chief Executive Officer of Reliance Energy, Chowdhury is the Managing Director of Haldia Energy Ltd, a subsidiary of CESC. Both of them will have a tenure of five years each and will also be additional directors.

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