 "GIPCL Q1 net profit up 2% to Rs 55 crore")
Gujarat Industries Power Company Ltd (GIPCL) standalone net profit moved up marginally by 1.7% 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 financial year.
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) from Solar Energy Corporation of India (SECI) for execution of a solar power project in Gujarat.
