Gujarat Industries Power Company net profit down 28% to Rs 60.86 crore in June quarter

Gujarat Industries Power Company Ltd (GIPCL) on Tuesday reported over 28 per cent dip in its net profit to Rs 60.86 crore for the June quarter due to lower revenues. The net profit of the company was Rs 85.31 crore for the quarter ended June 30, 2019, the company said in a BSE filing.

Total income of the company declined to Rs 343.09 crore in the said quarter from Rs 366.68 crore in the year-ago period.

The board in its meeting on Tuesday also approved the appointment of Manjula Subramaniam as an additional director (Woman Independent Director) effective August 18.

The company said barring any future COVID-19 related escalations, based on the current assessment, the management is of the view that impact of the pandemic on the operations and the carrying value of its assets and liabilities is not likely to be material.

The company is in the business of generation of electricity which is an essential service, it said.

It has long-term and medium-term power purchase agreement (PPA) and memorandum of undertaking with customers and generated the electricity as per PPA and terms and conditions of MoU during the lockdown period, it added.