CESC PAT surges 13% for June quarter

KOLKATA: RP-Sanjiv Goenka Group’s flagship company CESC Ltd on Friday reported a 12.6% rise in profit after tax (PAT) for the quarter ended June. The city-based power utility said profit rose to Rs 125 crore in the quarter from.

111 crore in the year-ago period. It said total income rose to Rs 1,420 crore from Rs 1,119 crore. Although net sales increased 25% on higher power , profit grew at a slower pace because of rise in fuel costs during the period, the company said.

“Fuel costs increased considerably due to rising coal and freight costs,” Vice-Chairman Sanjiv Goenka said. CESC plans to raise a debt of about Rs 570 crore in 2012-13 from banks and lending institutions to fund its expansion plans, according to Goenka.

“In Kolkata, we will invest about Rs 1,500 crore to augment our distribution capacity ,” Goenka added. Goenka also informed that his son Shashwat Goenka has joined CESC as general manager after completing BBA from Wharton.

“Just out of Wharton, he is getting hands-on training in various departments,” Goenka told ET. Shashwat, 22, is set to assume bigger responsibilities in the Rs 14,000-crore group.