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GIPCL Q1 net profit up 2% to Rs 55 crore


LoIs were issued to Lanco on June 1 for implementing 2 X 300 MW lignite-based projects adjacent to GIPCL's existing SLPP on EPC basis.LoIs were issued to Lanco on June 1 for implementing 2 X 300 MW lignite-based projects adjacent to GIPCL’s existing SLPP on EPC basis.

New Delhi: Gujarat Industries Power Company Ltd (GIPCL) standalone net profit moved up marginally by 1.7 per cent to Rs 54.97 crore for the first quarter ended June 30, 2016 on account of higher sales.

The company had posted a standalone net profit of Rs 54.03 crore in the year-ago period, Gujarat Industries Power Company said in a BSE filing.

Net sales of the company increased to Rs 352.53 crore, over Rs 333.93 crore in the corresponding quarter of previous fiscal.

Total expenses rose to Rs 270.10 crore over Rs 251.90 crore in the year-ago period.

Gujarat Industries Power Company Limited is an India-based company, which is engaged in electrical power generation.

GIPCL had last month said that it has received letters of intent (LoIs) fromSolar Energy Corporation of India(SECI) for execution of a solar power project in Gujarat.

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