Three Months Results

RNS Number:8306D
CESC Ld
14 November 2002


Letter to: RNS

We enclose for your record a copy of the Unaudited Financial Results
(Provisional) of the Company for the quarter ended 30 September, 2002 which have
been taken on record at a meeting of the Committee of the Board of Directors
held today. 
 
Letter from:  CESC Limited


            Unaudited Financial Results (Provisional) for three months ended 30th September, 2002
                                                                                                                      
                                   Three months     Three months       Six months        Six months          Year       
                                 ended 31.9.2002   ended 30.9.2001   ended 30.9.2002   ended 30.9.2001  ended 31.3.2002
                                   (Unaudited)       (Unaudited)       (Unaudited)       (Unaudited)      (Unaudited)
                                       (1)               (2)               (3)               (4)              (5)
                                                                       Rs. Crores
                                                                                                                      
 1  Net Sales                             594               475              1144               975            1802

 2  Other Income                           14                19                27                36              75

    Total                                 608               494              1171              1011            1877

 3  Total Expenditure:                                                                            
       (a) Fuel Cost                      183               178               344               325             611
       (b) Personnel Cost                  65                50               123               103             207
       (c) Power Purchase                  96                91               192               194             334
       (d) Others                          78                76               154               144             292 

 4  Interest                              108               110               213               218             417

 5  Profit before Depreciation             78               (11)              145                27              16

 6  Depreciation                           81                82               161               160             320

 7  Profit/(Loss) before tax               (3)              (93)              (16)             (133)           (304)

 8  Provision for Taxation                  0                 0                 0                 0               0 

 9  Net Profit/(Loss)                      (3)              (93)              (16)             (133)           (304)

10  Paid-up Equity Share Capital           58                58                58                58              58
    (Shares of Rs.10 Each)                                                                                         

11  Net Reserves (excluding Revaluation
    Reserve of Rs. 1372 Crores) as per                                                                          
    Balance Sheet as on 31 March 2001                                                                           151
           
12  EPS (Rs.)
    - Basic & Diluted                   (0.52)           (16.10)            (2.77)           (23.03)         (52.63)    
          
Notes:                                                                                                             
1.  The Hon'ble High Court at Calcutta pronounced its Judgment and Order on 14
    May 2002 on the Company's appeal preferred against the tariff order passed 
    by the West Bengal Electricity Regulatory Commission. On receipt of such 
    Judgment and Order the Company commenced billing of the revised tariff 
    permitted for 2002-03, which is included in the Net Sales (after setting 
    off fuel surcharge receivable for past year) for three months/six months 
    ended 30th September, 2002. These are subject to modification, if any, by 
    the West Bengal Electricity Regulatory Commission pursuant to directions of 
    the Hon'ble Supreme Court of India issued in its Order of 3rd October, 2002 
    while disposing of the Special Leave Petitions filed against the aforesaid 
    Order of the Hon'ble High Court, Provision for deferred taxation, if any, 
    could not, therefore, be made.

    Results for the previous periods appearing in columns (2), (4) and (5) above
    have not been recast to reflect the ongoing recovery of arrear dues from the
    consumers in instalments in terms of the above referred Judgment and Order
    of the Hon'ble High Court at Calcutta. Hence figures contained in columns 
    (2), (4) and (5) above are strictly not comparable.

2.  The Company is engaged in generation and distribution of electricity and 
    does not operate in any other reportable segment.

3.  Auditors' Report on the latest audited accounts for the year 2000-2001 
    included reference to certain Notes on accounts relating to some unprovided 
    claims of Damodar Valley Corporation/West Bengal State Electricity Board
    and shortfall in corpus of gratuity fund. The Company, in view of 
    consistently followed past practice compatible with the nature of its 
    business, has followed the same basis of accounting in respect of these 
    matters. The financial impact of the aforesaid matters pertaining to 
    September 2002 quarter is not ascertainable at this stage.For CESC Limited


                                                               For CESC Limited
                                                                     S Banerjee
                                                              Managing Director
Dated: 29 October, 2002

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCGGMMMNDFGZZM