CESC decline 3% as Q3 net profit falls

CESC’s total income for the December quarter rose to Rs 3,301 crore from Rs 3,224 crore in the year-ago quarter

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Shares of CESC fell nearly 3 percent at the open on January 20, a day after the power utility company reported a 10 percent decline in consolidated net profit for the December quarter.

At 9.30 am, the stock was trading at Rs 139.15 on the National Stock Exchange.

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CESC Ltd reported a 10 percent YoY decline in consolidated net profit at Rs 301 crore due to higher expenses. Total income rose to Rs 3,301 crore from Rs 3,224 crore for the year-ago quarter.

The Board has also declared an interim dividend of Rs 4.50 per equity share. According to the filing, the record date to ascertain the eligibility to receive the interim dividend is February 1.

Also read: CESC Q3 net profit falls 10% to Rs 301 crore: declares Rs 4.5 per share interim dividend

On December 29, CESC told exchanges that it received board’s approval for “allotment of 10,000 secured, unlisted, redeemable, rated non-convertible debentures having a face value of Rs 1,00,000 each aggregating to Rs 100 crore on a private placement basis to Axis Bank Limited.”

Over the last six months, CESC have gained 91 percent.

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