GIPCL declares interim dividend of 15% for '06-07

The Board of Directors of Gujarat Industries Power Company Ltd have declared an interim dividend of 15 per cent at Rs 1.50 per share on 15,12,51,188 equity shares for the financial year 2006-07.

The total cash outflow on this account will be Rs 25.87 crore, including dividend distribution tax. The company has fixed March 29 as the record date for ascertaining the entitlement of interim dividend.

The company's net profit after tax for the nine months ended December 31, 2006, stood at Rs 130.80 crore up by 35.35 per cent compared to Rs 96.64 crore in the corresponding period of previous year.

The company declared earnings per share (EPS) of Rs 8.65 for the nine-month period ended December 2006 against EPS of Rs 8.97 for the financial year 2005-06.

GIPCL is presently operating three power plants with an installed capacity of 555 Mw,t of which two gas-based power plants of 305 Mw capacity are located at Baroda and 250 Mw lignite-based power project is located at Nani Naroli Distt. Surat. Its Surat Lignite Power Plant received the "Greentech Safety Award 2007 - Gold" in the thermal power sector in February.

At present, the company is implementing a 2X125 Mw expansion project for doubling the capacity of its existing lignite-based power project at Surat from 250 Mw to 500 Mw.

Implementation of the project commenced in March last year. Total estimated cost of the power project, including the development of additional mines for the project, is Rs 1,634 crore.

Vijaylaxmi Joshi, IAS, Principal Secretary - Energy and Petrochemicals Dept - has been appointed as the chairman of the company.