Power major BSES has reported a 67.4 per cent decline in net profit to Rs 31.93 crore in the quarter ended March 31, 2002 compared with Rs 98.08 crore in the same quarter of the previous year. Total income has also dropped by 4 per cent at Rs 659.6 crore against Rs 688.16 crore in the quarter ended March 31, 2001.
During the year ended March 31, 2002, the net profit declined to Rs 281 crore from Rs 321 crore in the previous year. Total income rose to Rs 2,783 crore in the year under consideration compared with Rs 2,778 crore of the previous year. The BSES board has recommended a dividend of 43 per cent (Rs 4.30 per equity share of Rs 10 each ) for the year under consideration.
The net profit has declined mainly owing to a change in accounting principles and provision of Rs 95 crore for certain future contingencies. The company has in a press release has pointed out that