9 Months Results

RNS Number:6738Q
CESC Ld
29 January 2002



Letter to: Company Announcements Office

We enclose for your record a copy of the Unaudited Financial Results
(Provisional) of the Company for the quarter ended 31 December, 2001 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 31st December, 2001
                                                                                                                      
                                      Three months   Three months   Nine months   Nine months      Year       
                                         ended          ended          ended         ended         ended
                                       31.12.2001     31.12.2000     31.12.2001    31.12.2000    31.3.2001
                                       (Unaudited)    (Unaudited)    (Unaudited)   (Unaudited)   (Audited)
                                           (1)            (2)            (3)           (4)           (5)

                                                                     Rs. Crores
                                                                                                                      
 1  Net Sales                                446            439          1421          1422          1757

 2  Prior Period Adjustment                                                                            57

 3  Other Income                              17             24            53            63            85

    Total                                    463            463          1474          1485          1899

 4  Total Expenditure:                                                                            
       (a) Fuel Cost                         149            130           474           440           571
       (b) Personnel Cost                     51             48           154           144           197
       (c) Power Purchase                     73             64           267           214           305
       (d) Others                             78             65           222           198           262        

 5  Interest                                 102            110           320           323           428

 6  Profit before Depreciation                10             46            37           166           136

 7  Depreciation                              80             77           240           230           308

 8  Profit/(Loss) before tax                (70)           (31)         (203)          (64)         (172)

 9  Provision for Taxation                     0              0             0             0             0 

10  Net Profit/(Loss)                       (70)           (31)         (203)          (64)         (172)

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

12  Net Reserves (excluding                                                                                    
    Revaluation Reserve of                                                                           
    Rs. 1372 Crores) as per                                                                          
    Balance Sheet as                                                                              
    on 31 March 2001                                                                                  151
        
13  EPS (Rs.)
    - Basic & Diluted                    (12.12)         (5.37)       (35.15)       (11.08)       (29.78)               
                                                          
                                         


    Notes :                                                                                                             

1.  Tariff revision awards for 2000-01 and 2001-02 were finalised by the West
Bengal Electricity Regulatory Commission on 7 November, 2001. The Company has
preferred an appeal in the Hon'ble Calcutta High Court against such tariff
revision awards. Based on the judgement of the Hon'ble High Court, the above
results may undergo changes and, therefore, provision for deferred taxation, if
any, could not be made.
             
2   Results for the previous periods appearing in Columns (2) and (4) have not
been recast on the basis of 2000-01 tariff revision award and hence figures in
the said Columns are not strictly comparable.
                     
3   The Company is engaged in generation and distribution of electricity and
does not operate in any other reportable segment.

4   Auditors' Report on the latest audited accounts for the year 2000-01
included reference to some unprovided claims of Damodar Valley Corporation/West
Bengal State Electricity Board and shortfall in corpus of gratuity fund. The
Company has followed the same basis of accounting in respect of these matters
while preparing the above results.                                                                          


For CESC Limited                                                                                                    
S. Banerjee                                                                                                             
        

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