Shares of Godawari Power and Ispat Ltd (GPIL) rallied over 9 percent in early trade deals on Wednesday after the company reported a multifold jump in March quarter earnings driven by higher revenues.
Godawari Power and Ispat Ltd (GPIL) on Tuesday posted a multifold jump in consolidated net profit at Rs 304.01 crore for March quarter 2020-21, mainly on the back of higher revenues.
The company's net profit in the year-ago period was Rs 34.22 crore, a BSE filing said.
Total income rose to Rs 1,263.67 crore in the quarter from Rs 787.74 crore in the same period a year ago.
The net profit of the company in 2020-21 also rose to Rs 624.49 crore from Rs 174.43 crore in the previous year.
Total income in the last fiscal year was higher at Rs 4,075.96 crore from Rs 3,293.18 crore in 2019-20.
The company's board recommended a final dividend of Rs 13.50 per equity share of Rs 10 each for 2020-21 in addition to interim dividend of Rs 5 per equity share of Rs 10 each.
The dividend recommended by the board is subject to the approval of the shareholders at the Annual General Meeting to be held on August 28, 2021.
The board also approved a proposal to set up a captive solar PV power plant of 250 MW capacity in Raigarh district of Chhattisgarh at an estimated cost of Rs 750 crore, it added.
The project shall be funded mainly out of internal accruals. The power generated in this project shall be captively consumed in the company's plant at Silatra Industrial Area, Raipur, Chhattisgarh.
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