CESC Limited has recorded a net profit of Rs. 131 Crores for the quarter ended June 2013 which is higher by 4.8% compared to corresponding quarter last year as per the company's Annual General Meeting (AGM).
The company also secured shareholders' nod to delist its shares from London Stock Exchange to cut costs.
Net sales of the company was Rs. 1,419 which was higher by 1% compared to the corresponding period figure of Rs. 1,404 Crore.
Updates of various projects of the company as submitted to the Share Holders during the AGM:
- The 600 MW (2 X 300 MW) Chandrapur Thermal Power Project in Maharashtra was delayed due to the policy change for coal linkage.
- Haldia Power Plant in West Bengal seems to be on track and would be commissioned as per the schedule in September-December 2014.
- The 2000 MW Project in Bihar and 1320 MW Project in Orissa are awaiting coal linkages.
- Investment of Rs. 1,700 Crores is planned in next two years for the distribution network,
Further, the company has also secured approval from the shareholder's to delist its securities from the London Stock Exchange (LSE) to cut the costs.
According to company only 1% of the total issued equity share of CESC were listed on LSE.
As the market of these securities in UK was practically froze and the dealings in shares in recent years have been very low hence the company has decided to delist the shares from LSE.
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