India’s CESC posts rise in Q4 profit as demand for electricity grows – EQ Mag
BENGALURU : Indian power generation and distribution company CESC Ltd reported a 2.1% rise in quarterly profit on Monday, aided by higher electricity output ahead of summer.
Consolidated net profit for the quarter ended March 31 increased to 4.33 billion rupees ($52.95 million), compared with 4.24 billion rupees a year earlier, the RP – Sanjiv Goenka Group flagship company said in an exchange filing.
Revenue from operations came in at 31.02 billion rupees, compared with 30.11 billion rupees a year earlier, while total expenses rose 9.3% year-on-year.
WHY IT MATTERS
India’s power generation grew at the fastest pace in over three decades in the year ended March 2023, a Reuters analysis of government data showed, fuelled by a record rise in output from both coal-fired and renewable plants.
Power demand in the first two months of 2023 jumped 10% from a year earlier.
CESC’s revenue grew 13.6% in the year ended March 2023.
The Indian government in March urged power utilities to expand output to ensure adequate supply during the peak summer months. It also directed power utilities to undertake maintenance for their coal-based plants well in advance and run at full capacity to avoid disruptions during this period.
($1 = 81.7800 Indian rupees)