3rd Quarter Results
13 Februar 2003 - 8:00AM
UK Regulatory
RNS Number:3511H
CESC Ld
11 February 2003
Letter to: RNS
We enclose for your record a copy of the Unaudited Financial Results
(Provisional) of the Company for the quarter ended 31 December, 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 31st December, 2002
Three months Three months Nine months Nine months Year
ended 31.12.2002 ended 31.12.2001 ended 31.12.2002 ended 31.12.2001 ended 31.3.2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
(1) (2) (3) (4) (5)
Rs. Crores
1 Net Sales 488 446 1632 1421 1802
2 Other Income 13 17 40 53 75
Total 501 463 1672 1474 1877
3 Total Expenditure:
(a) Fuel Cost 157 149 501 474 611
(b) Personnel Cost 68 51 191 154 207
(c) Power Purchase 51 73 243 267 334
(d) Others 74 78 228 222 292
4 Interest 102 102 315 320 417
5 Profit before Depreciation 49 10 194 37 16
6 Depreciation 80 80 241 240 320
7 Profit/(Loss) before tax (31) (70) (47) (203) (304)
8 Provision for Taxation 0 0 0 0 0
9 Net Profit/(Loss) (31) (70) (47) (203) (304)
10 Paid-up Equity Share Capital 58 58 58 58 58
(Shares of Rs.10 Each)
11 Net Reserves (excluding Revaluation
Reserve of Rs. 1372 Crores) as per
latest audited Balance Sheet as on
31 March 2001 151
12 EPS (Rs.)
- Basic & Diluted (5.37) (12.12) (8.14) (35.15) (52.63)
Notes:
1. Net sales for the three months/nine months ended 31st December 2002 have
been computed based on the net tariff provisionally allowed by the Hon'ble West
Bengal Electricity Regulatory Commission (WBERC) vide Order dated 16th December
2002 and certain adjustments relating to fuel surcharge receivables relating to
past years. However, the above referred results are subject to changes on
finalisation of tariff for the year 2002/03 based on the Company's tariff
petition filed with the Hon'ble WBERC recently and hence provision for
deferred taxation, if any, could not be made.
Results for the previous periods appearing in columns (2), (4) and (5) above
have not been recast to reflect the permitted / ongoing recovery of arrear dues
from the consumers in instalments in terms of the above referred Order of the
WBERC/ the Hon'ble High Court at Calcutta pronounced on 14th May, 2002. Hence
figures contained in columns (2). (4) and (5) above are strictly not comparable.
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
the period ended 31st December, 2002 is not ascertainable at this stage.
For CESC Limited
S Banerjee
Managing Director
Dated: 28th January 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
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