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

We are in the last phase of the September quarter earnings season, and the results announced by the BSE 500 companies so far have shown signs of a sharp recovery, as compared to the June quarter, when the economic activity in the country was compromised due to lockdown in various regions. From the BSE 500 list, 216 companies have announced their September quarter results so far. We excluded banking and financial companies.  Along with the index stocks we also analyse each sector quarterly earnings. (Data Source: ACE Equity)

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Gujarat Industries Power Company Ltd (GIPCL) today reported a 16 percent 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 percent 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.