Gujarat Industries Power Co. slumps 7% as Q4 PAT halves to Rs61.92cr; declares dividend

The company's net profit halved to Rs61.92cr, down by 61% in the latest quarter.

Jun 16, 2020 03:06 IST India Infoline News Service

Result Analysis
A massive 7% plunge was witnessed in Gujarat Industries Power Co.Ltd (GIPCL) on Tuesday after the company announced a slowdown in its March 2020 (Q4FY20) quarter. The company's net profit halved to Rs61.92cr down by 61% in the latest quarter. A year ago same period, the company had witnessed a net profit of Rs162.84cr.

Even total income contracted to Rs354.96cr during the period as against Rs468.96cr in the corresponding period of the previous year.

After clocking an intraday low of Rs64.25 per piece on Sensex, the GIPCL stock finished at Rs64.75 per piece down by 6.30%.

Overall, the company's net profit increased to Rs247.98cr against Rs176.40cr of FY19. On the contrary, the total income slided to Rs1,420.71cr in the same fiscal against Rs1,524.26cr of FY19.

In its meeting held on Monday, the company's board recommended a dividend of Rs2.90 per equity share of Rs 10 each fully paid-up for FY20. 

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