GIPCL net profit slips 16% to Rs 69 cr in March qtr

Gujarat Industries Power Company Ltd (GIPCL) today reported a 16 per cent decline in its standalone net profit to Rs 69.13 crore for the fourth quarter ended March 31.

The company had posted a standalone net profit of Rs 82.45 crore for the same period previous fiscal, it said in a BSE filing.

The total standalone income of the company was Rs 402.75 crore in the quarter under review, compared to Rs 376.84 crore in the year-ago period.

Its consolidated net profit for the fiscal 2018 stood at Rs 244.52 crore, as against Rs 229.25 crore in the previous financial year.

The Board of the company also recommended a dividend of Rs 2.70 per equity share of Rs 10 each fully paid up for 2017-18.

The company has only one reportable business segment namely "power generation".

The consolidated financials are drawn after incorporating the financials of the GIPCL Project And Consultancy Company limited (GIPCO ), a 100 per cent subsidiary of the GIPCL and Bhavnagar Energy Company limited ( BECL) , an associate as per applicable Indian accounting standards.

During the current financial year, the Board of GIPCL Projects & Consultancy Services ( GIPCO) has approved the voluntary liquidation of GIPCO under the Insolvency and Bankruptcy Code, 2016. The management does not expect any material impact of such plans on the operations of the company, it added.