GIPCL managing director JN Singh attributed the company's consistent and huge profit margins to generating electricity at one of the lowest rates, Rs 1.23 per unit, coupled with one of the highest plant-load factor (PLF), 89.05 per cent, in the country.

The company -- promoted by Gujarat Electricity Board (GEB), Gujarat State Fertiliser and Chemicals (GSFC), Gujarat Alkalies & Chemicals Limited (GACL) and Petrofils Cooperative Limited (Petrofils) -- is likely to announce its dividend shortly.

Singh said GIPCL is one of the very few power-generation companies, making profits and paying dividends ever since the commissioning of its first unit, a 145 mw gas-fired plant, at Dhanora village in March 1992.

He said the first 145-mw unit attained a PLF of 80 per cent in the second year and its achievement of 87.39 per cent in 1995-96was adjudged the second best in the country. Last year's 89.05 per cent PLF bettered even that record.

GIPCL's profit after tax (PAT) rose from Rs 18.50 crore in 92-93 to Rs 25 crore in 1993-94, Rs 30.50 crore in 1994-95, Rs 31.42 crore in 1995-96, but fell to Rs 23.87 crore in 1996-97. The drop in the last fiscal was owing to scheduled outage for a major inspection of the gas-turbine after 48,000 hours of operation.

"Our profits in the last fiscal could have been even higher, but for our continuous expansion, including commissioning of our second unit, a 160 mw naphtha-based plant, adjoining the first unit, in November last, and synchronising it for commercial production in March," Singh said.

The second unit has its contribution of about Rs 1.50 crore in GIPCL's net profit of Rs 30.20 crore in 1997-98. He said the current year's net profit is projected at Rs 68.12 crore.