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Gujarat Industries Power Co. Ltd.

June 14, 2008

For Q4FY2008, Gujarat Industries Power Co. Ltd. (GIPCL) has posted 65.7% growth in net sales to Rs. 2,850.3Mn as compared to Rs. 1,719.9Mn for the quarter ended Mar 31, 2007. Power generation has increased during the quarter by 5%, owing to higher PLF contributed by the Surat lignite power plant and Vadodara station-II. Total Income has increased from Rs. 1,755.2Mn for the quarter ended Mar 31, 2007 to Rs.2,912.8Mn for the quarter ended Mar 31, 2008.

For the full year, it clocked revenues of Rs. 9,355.5Mn from Rs. 7,955.8Mn in FY07 presenting a growth of 17.6%. Fuel Cost for the year has increased by 38.4% to Rs. 6,058.7Mn from Rs. 4,378.2 in FY07. This has been due to increase in gas prices, subsequent rise in tariff’s for the gas based plants & excellent operating performance of the power plants.

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