CESC subsidiary in pact with Klasscorp for 250 MW Bijapur wind farm

Power utility CESC Ltd on Friday (December 19) informed that its subsidiary, Purvah Green Power Private Ltd, has issued a binding letter of intent to Klasscorp Solutions Private Ltd for providing consultancy

services related to the acquisition of land for a 250 MW wind farm project at Bijapur, Karnataka.

The letter of intent also covers other related services required for the development of the project and will remain valid for one year from the execution date or until the signing of definitive agreements, whichever occurs earlier.

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CESC clarified that the promoter, promoter group, and group companies of Purvah have no interest in Klasscorp, and therefore, this is not a related party transaction.

Second Quarter Results

CESC Ltd reported a 20.4% year-on-year increase in net profit for the second quarter to ₹425 crore, up from ₹353 crore in the same period last year. The company’s revenue for Q2 grew 12% to ₹5,267 crore, compared with ₹4,700 crore in the corresponding quarter of the previous year.

Operating performance also improved, with EBITDA rising 18.4% to ₹1,061 crore from ₹896 crore a year earlier. The EBITDA margin expanded to 20.1% from 19% in the same period last year. The board of directors has approved and declared an interim dividend of ₹6 per equity share (600% of the paid-up equity share capital).

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Shares of CESC Ltd ended at ₹168.71, down by ₹2.94, or 1.77%, on the BSE today, December 19.