Covid-19 and cyclone Amphan hit CESC Ltd’s performance in the June quarter. Standalone revenue, which largely reflects the Kolkata electricity distribution business, slumped 32.8% as the cyclone aggravated the demand slump. Sales volumes dropped 30.7%.
The sharp fall in volumes impacted incentive income, pulling down the standalone net earnings by 38% from the year ago quarter.
The company fared better on the consolidated level. Thanks to a new power off-take, contract utilisation levels at the long troubled Dhariwal power plant at Chandrapur, Maharashtra, improved. This helped the power plant report a profit compared to a loss in the year ago quarter.
