GIPL's net profit declines 9% to Rs 27.91 crore in December quarter

Gujarat Industries Power Company Ltd (GIPL) on Monday reported a nearly nine per cent fall in its standalone net profit to Rs 27.91 crore for the December 2021 quarter, mainly due to lower revenues.

The company had reported a standalone net profit of Rs 30.60 crore in the quarter ended on December 31, 2020, according to a BSE filing.

Its total income during October-December 2021 stood at Rs 266.49 crore, compared with Rs 338.97 crore in the year-ago period.

The board in its meeting held on Monday also approved the appointment of Nitin Chandrashanker Shukla, Ravindra Harshadrai Dholakia and Mamata Biswal as additional directors (independent) for a period of five years, subject to the approval of the members of the company.

The board also approved the draft postal ballot notice to transact special business seeking shareholders' approval for the appointment of three independent directors through the postal ballot process.