CESE Cesc Eqty Shs

RNS Number:3529Z
CESC Ld
31 July 2002


Letter to: RNS 

We enclose for your record a copy of the Unaudited Financial Results 
(Provisional) of the Company for the quarter ended 30 June, 2002 which have been
taken on record at a meeting of the Committee of the Board of Directors  held
today.  
  
Letter from:  CESC Limited



Unaudited Financial Results (Provisional) for three months ended 30th June, 2002

                               Three months     Three months          Year
                              ended 30.6.2002  ended 30.6.2001   ended 31.3.2002
                                (Unaudited)      (Unaudited)      (Unaudited)
                                    (1)              (2)               (3)
                                                 Rs. Crores          
1   Net Sales                           550              500             1802

2   Other Income                         13               17               75

    Total                               563              517             1877

3   Total Expenditure:               

       (a) Fuel Cost                    161              147              611
       (b) Personnel Cost                58               53              207
       (c) Power Purchase                96              103              334
       (d) Others                        76               68              292

4   Interest                            105              108              417

5   Profit before Depreciation           67               38               16
                    
6   Depreciation                         80               78              320

7   Profit/(Loss) before tax           (13)             (40)            (304)

8   Provision for Taxation                0                0                0

9   Net Profit/(Loss)                  (13)             (40)            (304)

10  Paid-up Equity Share Capital         58               58               58
    (Shares of Rs.10 Each)               

11  Net Reserves (excluding Revaluation               
    Reserve of Rs. 1372 Crores) as per               
    Balance Sheet as on 31 March 2001                                     151

12  EPS (Rs.)
    - Basic & Diluted                 (2.25)          (6.92)          (52.63)


Notes :

1  The Hon'ble High Court at Calcutta pronounced its Judgment and Order on 14
May 2002 on the Company's appeal preferred against the tariff order passed by
the West Bengal Electricity Regulatory Commission. On receipt of such Judgment
and Order the Company commenced billing of the revised tariff permitted for
2002-03, which is included in the Net Sales for the three months ended 30 June
2002.

Results for the previous periods appearing in columns (2) and (3) above have not
been recast to reflect the ongoing recovery of arrear dues from the consumers in
instalments in terms of the above referred Judgment and Order of the Hon'ble
High Court at Calcutta. Hence figures contained in columns (2) and (3) above are
strictly not comparable.

The above are subject to the order of the Hon'ble Supreme Court of India in the
Special Leave Petitions filed against the Hon'ble High Court's aforesaid
Judgment and Order pending with the Apex Court for disposal. Accordingly,
provision for deferred taxation if any, could not be made.

2  The Company is engaged in generation and distribution of electricity and does
not operate in any other reportable segment.

3  Auditors' Report on the latest audited accounts for the year 2000-2001
included reference to certain Notes on accounts relating to some unprovided
claims of Damodar Valley Corporation/West Bengal State Electricity Board and
shortfall in corpus of gratuity fund. The Company, in view of consistently
followed past practice compatible with the nature of its business, has followed
the same basis of accounting in respect of these matters. The financial impact
of the aforesaid matters pertaining to June 2002 quarter is not ascertainable at
this stage.

For CESC Limited
S. Banerjee
Managing Director

Dated: 31st July, 2002


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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