IPCL Q1 Net rises 40 per cent at Rs 5.73 crore

KOLKATA: Indian Power Corporation Ltd ( IPCL), formerly DPSC, today reported a 40 per cent increase in the net profit at Rs 5.73 crore for the first quarter ended June.

The company had reported a net profit Rs 4.10 crore in the year-ago period.

Net sales of the company during the quarter decreased 9.2 per cent at Rs 160.64 crore as compared to Rs 176.99 crore in the previous corresponding period, the company said in a statement.

Commenting on the company's performance, Siddharth Mehta, CEO, IPCL, said, "With the thrust of the new government on creating a conducive and enabling environment for the power sector to grow, we are quite hopeful for a bright future for the power distribution industry."

"Due to continuous improvement in our network, we have reduced T&D losses to less than 3 per cent, which is far lower compared to industry average of around 25 per cent. We are now focusing on growth and backward integration,", he said as quoted in the statement.