CESC Q1 FY'14 net up 4.8 per cent at Rs 131 crore
Addressing the AGM here, Goenka told shareholders that power sector will pass through difficult times over next few years.
By PTI | Updated:
KOLKATA: RP Sanjiv Goenka Group flagship company CESC today reported 4.8 per cent rise in the net profit at Rs 131 crore for the quarter ended June 2013 against corresponding period last year.
The net sales of the company in the quarter stood at Rs 1,419 crore, a marginal 1 per cent growth over the corresponding period when it had registered a sales of Rs 1,404 crore.
CESC Chairman Sanjiv Goenka said power demand during the quarter was down marginally.
Addressing the AGM here, Goenka told shareholders that power sector will pass through difficult times over next few years.
"There is need for consistency and stability in policies. The change of policies should not be retrospective," he said referring to problem faced by Rs 3000-crore 600 MW (2x300MW) Chandrapur thermal power project in Maharashtra.
When we started the project coal linkage was not subjected to power purchase agreement but the policy change had put the project in some difficulty like delay and there is some delay in commissioning and in breakeven of the project, he said.
CESC has only been able to sign PPA of just 100MW with Tamil Nadu State utility but management expected to sign sale agreement for more in near future.
Power sector was passing through slack demand scenario. However, the situation for Haldia power plant was not worrying and would get commissioned as per schedule of September-December 2014.
The 2000-MW power plant in Bihar and 1320 MW in Orissa was awaiting coal linkages, Goenka said.
Goenka also said the company would invest another Rs 1,700 crore in the next two years in distribution network. The company was also building an infrastructure to import up to 3,000 MW to meet future demand.
The net sales of the company in the quarter stood at Rs 1,419 crore, a marginal 1 per cent growth over the corresponding period when it had registered a sales of Rs 1,404 crore.
CESC Chairman Sanjiv Goenka said power demand during the quarter was down marginally.
Addressing the AGM here, Goenka told shareholders that power sector will pass through difficult times over next few years.
"There is need for consistency and stability in policies. The change of policies should not be retrospective," he said referring to problem faced by Rs 3000-crore 600 MW (2x300MW) Chandrapur thermal power project in Maharashtra.
When we started the project coal linkage was not subjected to power purchase agreement but the policy change had put the project in some difficulty like delay and there is some delay in commissioning and in breakeven of the project, he said.
ADVERTISEMENT
CESC has only been able to sign PPA of just 100MW with Tamil Nadu State utility but management expected to sign sale agreement for more in near future.
Power sector was passing through slack demand scenario. However, the situation for Haldia power plant was not worrying and would get commissioned as per schedule of September-December 2014.
The 2000-MW power plant in Bihar and 1320 MW in Orissa was awaiting coal linkages, Goenka said.
Goenka also said the company would invest another Rs 1,700 crore in the next two years in distribution network. The company was also building an infrastructure to import up to 3,000 MW to meet future demand.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
