Kolkata:Power utility provider CESC Ltd on Wednesday reported a marginal drop in its standalone net profit to Rs292 crore in the quarter ended March 2018, on the back of regulatory expenses.
The company had reported a net profit of Rs295 crore a year ago.
Revenue from operations increased 14% to Rs1,795 crore in the quarter against Rs1,572 crore in the same period the previous fiscal. Total expenses rose 10.29% to Rs1,757 crore from Rs1,593 crore.
On Wednesday, the CESC board also appointed Debasish Banerjee as managing director (distribution) and Rabi Chowdhury as managing director (generation), both for a period of five years effective from 28 May. On expiry of his term as MD, Aniruddha Basu, has tendered his resignation as director with effect from 28 May.
Williamson Magor group patriarch Brij Mohan Khaitan, an independent director, has also resigned from immediate effect, the company said in its regulatory filing with stock exchange. Profit before regulatory income/expense and tax stood at Rs86 crore in the January-March quarter compared to Rs38 crore in the same period last year, an increase of 126%. Net regulatory income during the quarter declined 16% to Rs286 crore as against Rs341 crore in the corresponding period.
Regulatory expense as deferred tax in the fourth quarter stood at Rs95 crore compared to a regulatory income of Rs10 crore year ago.
For 2017-18, the company reported a net profit of Rs871 crore compared to Rs863 crore in the previous fiscal. Revenue from operations during fiscal 2018 increased 7.65% to Rs7,773 crore compared to Rs7,220 crore in 2016-17.
In a press statement, the company said its debt-equity ratio remained below 1, with transmission and distribution losses significantly lower than the previous fiscal.
An interim dividend of Rs191.45 crore (Rs12 per equity share) was declared on 28 February 2018 and paid during the quarter.