Kolkata-based power utility major CESC Ltd, part of RPG Group, on Tuesday reported a net profit of Rs 355 crore on total income of Rs 2904 crore for the year to March 31, 2008, compared with Rs 301 crore on total income of Rs 2573 crore during the previous financial year. The board of directors has recommended a dividend of 40% for the FY08 involving an outgo of Rs 58.47 crore, according to a release issued by the company.
Net sales touched Rs 2775 crore in 2007-08 as against Rs 2484 crore during the year-ago period. Profit before tax stood at Rs 403 crore, the release said.
During the year, the system demand crossed 8000 MU with peak demand rising to 1436mw, the highest in the history of CESC.
The company generated 3.5% more in the previous fiscal, which alongwith reduction in interest and lower T&D losses were the major factors for improvement in profit, the release added.
To meet increased demand, CESC purchased more power from external agencies.
During the year, the company issued 95,60,000 equity shares of Rs 10 each at a premium of Rs 608 per share to qualified institutional buyers, according to the release.