The Hindu : BSES net dips

Online edition of India's National Newspaper
Tuesday, Apr 22, 2003

Business

Business

BSES net dips

By Our Staff Correspondent

MUMBAI APRIL 21. BSES has reported a net profit of Rs. 162 crores for the year ended March 2003 against Rs. 281 crores in the previous year. Total income was at Rs. 2,777 crores (Rs. 2,783 crores). The board of directors has recommended a dividend of Rs. 4.40 per Rs. 10 share (Rs. 4.30 per share).

BSES provided Rs. 76.35 crores (Rs. 65.74 crores) for interest, Rs. 259.81 crores (Rs. 225.05 crores) for depreciation, Rs. 152.64 crores (Rs. 301.83 crores) for current tax and Rs. 26.97 crores (Rs. 10.96 crores) for deferred tax.

During the year, BSES has discontinued its previous policy of raising bills on customers on an estimated/provisional basis in cases where meter readings were not available.

This change has resulted in withdrawals of bills aggregating Rs. 135 crores raised in past periods, thereby benefiting around 2.70 lakh customers.

The corresponding credit of Rs. 135 crores has been given to customers on reconciliation/settlement of accounts during the year.

Excluding the impact of this change in the billing policy, the performance highlights of the company would have been a total income of Rs. 2,912 crores and a net profit of Rs. 297 crores.

During the year, the company's sales of electrical energy were a record 5,880 million units (5,676 million units). The company's thermal power generation plant at Dahanu, Maharashtra, operated at a record capacity utilisation of 90.52 per cent during the year, generating 3,965 million units of power (3,847 million units).

Mr. Ambani, while commenting on the results said, "We are committed to the transformation of BSES into a worldclass utility company, benchmarked to international standards of quality, operational performance, efficiency and customer care.

The passage of the Electricity Bill 2003 by Parliament represents a major step forward in bringing about power sector reforms in the country. It will be our endeavour that BSES plays a leading role in the creation of worldclass power infrastructure in India in this new era of growth.''

Meanwhile, Anil D. Ambani, Vice Chairman and Managing Director of Reliance Industries, was appointed as Chairman and Managing Director of BSES. This was announced at a board meeting held here today.

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