India Power Corporation Limited announced that the board of directors of the company at its meeting held on May 29, 2017 have recommended a dividend of INR 0.05 that its 5% per equity share of INR 1 each on the paid-up equity share capital of the company for the financial year 2016-17, subject to the approval of members of the company at the ensuring annual general meeting of the company.

Raghav Raj Kanoria has been appointed as Additional Director and simultaneously Managing Director of the company with effect from 1 June 2017 and also designated as Key Managerial Personnel, based on the recommendation of Nomination and Remuneration Committee, for a period of five years whose period of office shall be liable to retire by rotation pursuant to provisions of Sections 152, 161, 196, 197 and 203 of the Companies Act, 2013 read with schedule V to the Companies Act and subject to the approval of members in a general meeting. He is presently the Chairman of Infrastructure Committee of Indian Chamber of Commerce, Chairperson of East & North East Regional Council of The Indo-Canadian Business Chamber, Member of Task Force – Electricity Distribution, Government of Rajasthan and Managing Committee Member of Bengal Chamber of Commerce.

The company reported audited standalone earnings results for the fourth quarter and standalone and consolidated earnings results for the year ended March 31, 2017. For the quarter, on standalone basis, revenue from operation was INR 919.199 million against INR 1,238.004 million a year ago. Loss before exceptional items and tax was INR 21.249 million against profit of INR 295.909 million a year ago. Profit before tax was INR 446.107 million against INR 295.909 million a year ago. Profit for the period was INR 280.564 million or INR 0.18 per basic and diluted share against INR 227.286 million or INR 0.14 per basic and diluted share a year ago.

For the year, on standalone basis, revenue from operation was INR 4,502.097 million against INR 5,623.845 million a year ago. Profit before exceptional items and tax was INR 145.077 million against INR 442.134 million a year ago. Profit before tax was INR 612.433 million against INR 442.134 million a year ago. Profit for the period was INR 391.204 million or INR 0.25 per basic and diluted share against INR 323.509 million or INR 0.21 per basic and diluted share a year ago.

For the year, on consolidated basis, revenue from operation was INR 7,220.476 million against INR 7,202.686 million a year ago. Profit before exceptional items, tax and share of profit of joint ventures was INR 152.251 million against INR 465.504 million a year ago. Profit before tax and share of profit of joint ventures was INR 619.607 million against INR 465.504 million a year ago. Profit for the year attributable to owners of the company was INR 383.517 million or INR 0.24 per basic and diluted share against INR 338.834 million or INR 0.22 per basic and diluted share a year ago.