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CESC Q4 profit dips 6.8% on higher tax despite rise in demand, revenue
India's CESC, a power generation and distribution company, reported a fall in fourth-quarter profit on Thursday, hurt by a jump in tax expenses amid higher power demand.
The company's consolidated net profit fell 6.8 per cent year-on-year to Rs 373 crore ($43.6 million) for the three months ended March 31.
CESC's total tax expenses jumped to Rs 810 lakh from Rs 400 lakh a year ago. The company's profit before tax rose 11.2 per cent.
Revenue from operations climbed 14.5 per cent to Rs 3,877 crore. Power demand increased steadily during the January-March period as above-normal temperatures led to higher electricity usage.
Analysts at Elara Capital had expected a boost to CESC's fourth-quarter revenue due to increased power generation and reduced distribution losses. The company's distribution segment likely benefited from lower aggregate technical and commercial (AT&C) losses, the brokerage added.
AT&C losses are a combination of energy losses, including due to theft and billing inefficiency, as well as commercial losses, which include payment defaults and collection inefficiency.
Peer Tata Power reported a surge in fourth-quarter profit driven by strong power demand, while Torrent Power's profit more than doubled on lower costs.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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