CESE Cesc Eqty Shs

RNS Number:9293U
CESC Ld
3 February 2004



To: RNS 
Dated: January 30, 2004


We enclose for your record a copy of the Unaudited Financial Results
(Provisional) of the Company for the quarter ended 31 December, 2003
which have this day been taken on record in accordance with the
Listing Agreement entered into with your Exchange. 

From:  CESC Limited


Unaudited Financial Results (Provisional) for the quarter/nine months ended 31st December, 2003


                                          Three          Three          Nine           Nine          Year  
                                          months         months         months         months        ended
                                          ended          ended          ended          ended         31.3.2003
                                          31.12.2003     31.12.2002     31.12.2003     31.12.2002    (Audited)
                                            (1)             (2)            (3)            (4)           (5)             
           
                                                                      Rs. Crores                                        
                        
  1 Net Sales                                533           488           1832            1632          2185             

  2 Other Income                              14            13             42              40            58          

    Total Income                             547           501           1874            1672          2243


  3 Total Expenditure:                                             

      (a) Fuel Cost                          147           157            518             501           641
      (b) Personnel Cost                      70            68            208             191           256
      (c) Power Purchase                      55            51            250             243           301
      (d) Others                             104            83            327             256           318


  4 Interest                                  74           102            273             315           396


  5  Profit before Depreciation               97            40            298             166           331


  6  Depreciation                             82            80            245             241           323
 

  7  Profit/(Loss) before tax                 15           (40)            53             (75)            8
 

  8  Provision for Taxation                    0             0              0               0             1


  9 Net Profit/(Loss)                         15           (40)            53             (75)            7


 10 Paid-up Equity Share Capital              66            58             66              58            58
    (Shares of Rs. 10 each)


 11 Net Reserves (excluding Revaluation
    Reserve of Rs. 1311 Crores) as per
    Balance Sheet as on 31 March 2003                                                                   437


 12 EPS (Rs.)
    - Basic & Diluted                       2.27        (6.92)             8.02           (12.98)     (1.01)


 13 Aggregate of Non-Promoter Shareholding  
    - Number of Equity Shares               387 lakhs    413 lakhs                                    412 lakhs
    - Percentage of Shareholding            58.53%       65.70%                                       65.54%
                                                                      


Notes:

  1. Net Sales in Columns (l) and (3) above have been accounted for   
  based on the interim tariff order dated 23rd April, 2003 of the     
  West Bengal Electricity Regulatory Commission (Commission) for the  
  year 2003-04. Accordingly the above referred results are subject to   
  changes based on the final order of the Commission on the tariff     
  petition made to the Company for the said year. Figures in Columns  
  (2) and (4) above are as submitted earlier to the Stock Exchanges,  
  but incorporating adjustments for exchange rate variation.    
    
  2. Auditors' Report on the accounts for the year 2002-2003 included  
  reference to certain Notes on Accounts relating to some unprovided  
  claims of Damodar Valley Corporation/West Bengal State Electricity  
  Board, diminution in the value of investment (not considered to be  
  permanent in nature by the Company) 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 the period  
  ended 31 December, 2003 is not ascertainable at this stage.
           
  3. Addition to the paid-up Equity Share Capital represents balance  
  dues received from the holders of 1 crore partly paid equity shares 
  and equity infusion by the management group in respect of 33       
  lakhs fully paid new equity shares allotted in terms of the       
  agreements executed for restructuring certain debts of the Company.                                                   
        
  4. The Company is engaged in generation and distribution of        
  electricity and does not operate in any other reportable segment.
    
  5. Out of 17 investor complaints received during the quarter, 3     
  complaints received towards the end of the quarter were pending as 
  on 31 December 2003 and have since been resolved.                   
 
                                                         For CESC Limited    

                                                               S.Banerjee
                                                        Managing Director            
                                             

Dated: 30 January, 2004 




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