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CESC: still in the red - Views on News from Equitymaster
 
 
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  • May 3, 2000

    CESC: still in the red

    CESC, India's oldest power supplying company has reported losses for the third year running. Though the company has managed to cut its losses by 45% over FY99, it has still a long way to go before it bounces back in the black.

    (Rs m) FY99 FY00 Change
    Sales 16,730 16,950 1.3%
    Other Income 506 790 56.1%
    Expenditure 13,540 12,680 -6.4%
    Operating Profit (EBDIT) 3,190 4,270 33.9%
    Operating Profit Margin (%) 19.1% 25.2%  
    Interest 3,044 3,810 25.2%
    Depreciation 1,933 1,960 1.4%
    Profit before Tax (1,281) (710) -44.6%
    Tax 0 0 -
    Profit after Tax/(Loss) (1,281) (710) -44.6%
    Net profit margin (%) -7.7% -4.2%  

    A 25% spurt in interest outgo seems to have adversely affected the company's bottomline. If the company had managed to keep its interest burden at the same levels as FY99, it would have more or less wiped off its losses.

    Interestingly, the company's interest burden has consistently grown in the past decade. In FY95 the company's interest outgo stood at Rs 742 m. The tariffs it earns have not kept pace with the rising debt servicing costs.

    The only good news from the company comes in the form of improved operating margins.

     

     

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