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CESC Ld (CESE)

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Thursday 13 February, 2003

CESC Ld

3rd Quarter Results

CESC Ld
11 February 2003


Letter to: RNS

We enclose for your record a copy of the Unaudited Financial Results
(Provisional) of the Company for the quarter ended 31 December, 2002 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, 2002
                                                                                                                      
                                   Three months     Three months       Nine months        Nine months          Year     
 
                                 ended 31.12.2002   ended 31.12.2001 ended 31.12.2002 ended 31.12.2001 ended 31.3.2002
                                   (Unaudited)       (Unaudited)       (Unaudited)       (Unaudited)      (Unaudited)
                                       (1)               (2)               (3)               (4)              (5)
                                                                       Rs. Crores
                                                                                                                      
 1  Net Sales                             488               446              1632              1421            1802

 2  Other Income                           13                17                40                53              75

    Total                                 501               463              1672              1474            1877

 3  Total Expenditure:                                                                            
       (a) Fuel Cost                      157               149               501               474             611
       (b) Personnel Cost                  68                51               191               154             207
       (c) Power Purchase                  51                73               243               267             334
       (d) Others                          74                78               228               222             292 

 4  Interest                              102               102               315               320             417

 5  Profit before Depreciation             49                10               194                37              16

 6  Depreciation                           80                80               241               240             320

 7  Profit/(Loss) before tax              (31)              (70)              (47)             (203)           (304)

 8  Provision for Taxation                  0                 0                 0                 0               0 

 9  Net Profit/(Loss)                     (31)              (70)              (47)             (203)           (304)

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

11  Net Reserves (excluding Revaluation
    Reserve of Rs. 1372 Crores) as per                                                                          
    latest audited Balance Sheet as on 
    31 March 2001                                                                                               151
           
12  EPS (Rs.)
    - Basic & Diluted                   (5.37)           (12.12)            (8.14)           (35.15)         (52.63)    
          
Notes: 

1. Net sales for the three months/nine months ended 31st December 2002 have
been computed based on the net tariff provisionally allowed by the Hon'ble West
Bengal Electricity Regulatory Commission (WBERC) vide Order dated 16th December
2002 and certain adjustments relating to fuel surcharge receivables relating to
past years. However, the above referred results are subject to changes on
finalisation of tariff for the year 2002/03 based on the Company's tariff
petition filed with the Hon'ble WBERC recently and hence provision for
deferred taxation, if any, could not be made.

Results for the previous periods appearing in columns (2), (4) and (5) above
have not been recast to reflect the permitted / ongoing recovery of arrear dues
from the consumers in instalments in terms of the above referred Order of the
WBERC/ the Hon'ble High Court at Calcutta pronounced on 14th May, 2002. Hence
figures contained in columns (2). (4) and (5) above are strictly not comparable.
                                                                                                            

2.  The Company is engaged in generation and distribution of electricity and 
    does not operate in any other reportable segment.

3.  Auditors' Report on the latest audited accounts for the year 2000-2001 
    included reference to certain Notes on accounts relating to some unprovided 
    claims of Damodar Valley Corporation/West Bengal State Electricity Board
    and shortfall in corpus of gratuity fund. The Company, in view of 
    consistently followed past practice compatible with the nature of its 
    business, has followed the same basis of accounting in respect of these 
    matters. The financial impact of the aforesaid matters pertaining to 
    the period ended 31st December, 2002 is not ascertainable at this stage.


                                                               For CESC Limited
                                                                     S Banerjee
                                                              Managing Director
Dated: 28th January 2003



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

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