CESC expects to carry Q1 profit jump through FY10
Power utility CESC Ltd announced on Friday that it hopes to maintain its 12% profit growth for the first quarter ended June 30, 2009.
Mr. Sanjiv Goenka, Vice Chairman said, "I think the first quarter is pretty much representative. I would expect similar kind of outlook for the year as we go ahead."
The firm's first quarter standalone net profit grew to Rs 1.05 billion that predicted a fall of 5.67% in profit.
Vice Chairman said that it is due to increased efficiency and lowered transmission and distribution losses.
However, net sales raised by 3% to Rs 8.09 billion, as against Rs 7.83 billion in the last year.
The RPG group utility saves almost Rs 10 million per day from reduced Transmission and Distribution (T&D) losses and has a plant load factor of around 90-95% for its 4 power generating units.
The firm got most of the land of the 280-300 acres for its 600 Mw Haldia plant.
According to Mr. Goenka, the company is still expecting 40 acres of land.
"Everything is tied up. We will go for financial closing once we get this land," he added.
The shares of CESC on Friday closed at Rs 290.90, up 0.78% or Rs 2.25 on BSE. Total volume of shares trading was 117,561.