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    GIPCL Q4 results: Net profit down 61% at Rs 62 crore

    Synopsis

    Its net profit was Rs 162.84 crore in the corresponding quarter a year ago.

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    Total income stood at Rs 354.96 crore during the quarter under review, down from Rs 468.96 crore a year ago.
    New Delhi: Gujarat Industries Power Company Ltd (GIPCL) on Monday said its net profit dropped 61 per cent to Rs 61.92 crore in the March 2020 quarter.

    Its net profit was Rs 162.84 crore in the corresponding quarter a year ago, a regulatory filing said.

    Total income stood at Rs 354.96 crore during the quarter under review, down from Rs 468.96 crore a year ago.

    For the entire fiscal (2019-20), its net profit came in at Rs 247.98 crore, against Rs 176.40 crore in 2018-19.

    Total income was Rs 1,420.71 crore in 2019-20, down from Rs 1,524.26 crore in 2018-19.

    The company's board also recommended a dividend of Rs 2.90 per equity share of Rs 10 each fully paid-up for the fiscal year ended March 31, 2020.

    It said due to outbreak of COVID-19 globally and in India, the company has made initial assessment of likely adverse impact on economic environment in general and financial risks.

    The company is in the business of generation of electricity which is an essential service as notified by the Ministry of Home Affairs, Government of India, on March 24, 2020.

    The company has long-term or medium-term power purchase agreement (PPA) and Memorandum of Undertaking (MOU) with the customers and generates the electricity as per PPA and terms and conditions of MOU during the lockdown period.

    The management has, at the time of approving the financial statements, assessed the potential impact of COVID-19 on the company.

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



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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