Gujarat Industries Power Company Limited: 40th ANNUAL REPORT OF THE COMPANY FOR F.Y. 2024-25.

Gujarat Industries Power Company Limited: 40th ANNUAL REPORT OF THE COMPANY FOR F.Y. 2024-25. 


Company, which began as the first group captive power plant in the country, has transformed into a dynamic Independent Power Producer (IPP) with total installed generation capacity of 1184.4 MW including RE capacity of 374.4 MW

Company has signed MoU with Government of Gujarat in Vibrant Gujarat Global Summit 2024 to set up projects having investment worth of ` 7,953Cr

Company’s total income for the year ended 31st March,2025 was ` 132508 Lakhs as compared to ` 142504 Lakhs in the previous year. 

  • The total income of the current year includes earnings from sale of electrical energy of ` 124795 Lakhs as compared to ` 134053 Lakhs recorded in the previous year. 
  • The Profit Before Tax was ` 27295 Lakhs as compared to ` 25252 Lakhs (after exceptional item) in the previous year. 
  • The Net Profit of ` 21143 Lakhs has been arrived at after taking into account the Current Income Tax expense of ` 4698 Lakhs and Deferred Tax expense of ` 1453 Lakhs.
  • During the year, Gross Block has increased by ` 3561 Lakhs. 
    • The increase was mainly due to capitalization of Plant and Machinery during overhauling at 2 x 250MW Surat Lignite Power Plants at Nani Naroli. 
  • The total dividend payout (proposed) for the year @ ` 4.09 per Equity Share is ` 6348.33 Lakhs. 
  • As on 31st March 2025, the net worth of the Company stood at ` 352380 Lakhs as against ` 330551 Lakhs as at the end of previous financial year ended on 31st March, 2024.

Dividend: 

  • Directors are happy to recommend a Dividend of ` 4.09 (Rupees Four & Paise Nine) per share on 15,52,15,944 Equity Shares of ` 10/- each fully paid up, for the year ended on 31st March, 2025 (Previous year ` 3.95 per share). 

OPERATIONS 

Surat Lignite Power Plant (SLPP): 

Phase-I (2 x 125 MW Units 1 & 2): 

  • During the year under review, Phase-I generated 1513.626 Million Units (MUs) with 69.12% Plant Load Factor (PLF) against the Budgeted target of 1664.364 MUs with 76.00% PLF. Plant availability was 83.89% against the Budgeted target of 83.42%. 
  • Commercial availability was 70.14% against the Budgeted target of 75.70%. 
  • Plant Performance was affected mainly due to increase in system partial loading and increase in Unit-1 Overhauling duration. 
  • Increase in System partial loading was mainly due to heavy and continuous rain during monsoon and extended monsoon. 
  • Unit-1 Planned Outage was taken from 15/11/2024 to 22/12/2024 for Overhauling. 
  • Unit-2 planned outage was taken from 20/08/2024 to 07/09/2024 to carry out planned maintenance works. 
  • The overall Plant Performance is better in comparison to the previous year corresponding period.

Phase-II (2 x 125 MW Units 3 & 4): 

  • During the year under review, Phase-II generated 1651.153 MUs with 75.40% PLF against the Budgeted target of 1725.853 MUs with 78.81% PLF. Plant availability was 81.78% against the Budgeted target of 84.72%. 
  • Commercial availability was 79.57% against the Budgeted target of 80.01%. 
  • Plant Performance was affected mainly due to increase in Unit outages. 
  • Unit-4 Planned Outage was taken from 01/07/2024 to 16/08/2024 for Overhauling. 
  • The overall Plant Performance is better in comparison to the previous year corresponding period. 
  • Constant endeavors are being made to improve the overall performance of the Units, including technology improvement and modifications. 
  • The required maintenance program for the upkeep of the Units was undertaken during the year under review.
Vadodara Gas Based Stations: 

  • Station- I (145 MW): Station was not in operation during the year under review due to non-availability of APM gas/cheaper Spot gas. Major plant equipment like GTs, GTGs, HRSGs & STG are kept under preservation and other plant auxiliaries are checked regularly for their availability. 
  • Station – II (165 MW): Station II was also not in operation during the year under review due to non-availability of cheap Spot gas. Critical Plant systems are checked and Transformers are periodically charged to maintain their availability.

112.4 MW Wind Power Projects: 

  • The Company has total installed and commissioned capacity of 112.4 MW of Wind Power Projects at different sites / locations across State of Gujarat. 
  • During the year under review, the 112.4 MW Wind farms have generated 170.38 MUs at a Capacity Utilization Factor (CUF) of 17.30% as against budgeted generation of 220.05 MUs at a CUF of 22.35%. 
  • Generation from Wind farms had been significantly lower than the budget & corresponding period of the previous year mainly due to heavy rain across Gujarat during July & August 2024 leading to submergence of Pooling Sub Stations, water logging on approach roads, damage to transmission infrastructure 
262 MW Solar Power Projects: 

  • The Company has total installed and commissioned capacity of 262 MW of Solar Power Projects at different sites / locations across State of Gujarat. 
  • During the year under review, 262 MW Solar Power Projects generated 526.43 MUs at a CUF of 22.94% against the budgeted generation of 546.43 MUs at a CUF of 23.81%.
  • Generation is lower than budget and corresponding period of the previous year mainly due to outage of transmission line in the month of June 24 for shifting of 400 kV line due to Bharat Mala Express Highway by PGCIL. 
  • Also, generation was affected due to lower Solar Radiation than corresponding period of the previous at Charanka and Raghanesda site during Q2 of FY 2024-25 and excessive rain & cloudy days.

Mining: 

  • During the year under review, Valia Lignite Mine has recorded the lignite production of 29.75 Lakh Te as against 25.73 Lakh Te during the preceding year and Vastan Lignite Mine has recorded the lignite production of 4.40 Lakh Te as against 4.70 Lakh Te during the preceding year. 
  • Most of the requirement of lignite was met from captive Vastan Lignite Mine and Mangrol-Valia Lignite Mine. 
  • To meet the demand of all the four units for operations during monsoon, the Lignite Stock of 11.72 Lakh Te was created on 30/06/2024 as against the previous year’s stock of 11.98 Lakh Te on 30/06/2023.
  • Re-Handling of External Overburden Dump and Backfilling at North Pit of Vastan Lignite Mine: 
    • Work for the Re-Handling of External Overburden Dump and Backfilling at North Pit of Vastan Lignite Mine has been awarded and started. By Re-Handling of External Overburden Dump and Backfilling at North Pit of Vastan Lignite Mine, will be able to get about 218.00 Ha area (reclaimed area and space available at external dump area) for the installation of Solar Power Plant. 
  • Limestone Lease Allocation: 
    • To fulfil the limestone requirement for the balance life of existing 500 MW Power Plant and extended life of existing Power Plant, a limestone block (80.00 Ha) adjacent to existing Vastan limestone mine has been notified by the Ministry of Mines, GoI vide letter dated 27/02/2024 and Letter of Intent (LOI) has been issued by IMD.
Growth Plans: 
  • 2375 MW Khavda Renewable Energy (RE) Park: 
    • Directors are pleased to inform that Company has been allotted land at Great Rann of Kutch near Khavda to set up 2375 MW of Renewable Energy (RE) Park. 
    • This Park is being developed as a part of prestigious 30 GW RE Park planned near International Border in Great Rann of Kutch. 
    • Ministry of New & Renewable Energy (MNRE) has approved entire RE park under Ultra Mega Renewable Energy Power Project (UMREPP) Mode-8 to avail benefit of Central Financial Assistance (CFA). 
    • The major work orders for developing RE park infrastructure such as Pooling sub-stations, Transmission Line, internal roads & drains have been issued. 
    • Construction work at site is under progress. Construction work for dedicated 400 KV Transmission Line has been completed from PSS-1 up to KPS-II Sub-station and successfully charged on 30/04/2025. PSS-1 400 KV GIS system and 2 Nos. of Power Transformers have been successfully Energized. 
    • With this, 100% power evacuation capacity is available for GIPCL 600 MW Solar Project. 
    • All internal roads, drains and Pond works have been completed. 
    • Construction work for 1200 MW Pooling Substation-2 is under progress. 
    • Critical Equipment’s like 400 kV GIS System, Power Transformers, 33 kV Switchgears etc. have already been received at site. 
    • The entire RE Park capacity is expected to be completed by December 2026 in a phase manner.
  • 600 MW Solar Power Project at Khavda: 
    • Directors are pleased to inform that Company has successfully bid for 600 MW Solar Power Project under Green shoe option of Gujarat Urja Vikas Nigam Limited (GUVNL) Tender. 
    • The Company has received the Letter of Intent (LoI) for the project from GUVNL in the month of May 2023 and PPA has been signed in August 2023. 
    • The Company has appointed M/s. Tata Consulting Engineers (M/s. TCE) as Project Management Consultant and work order for Balance of System (BoS) package and supply of Solar PV Modules have been issued. 
    • The site is fully mobilized and Construction work for BoS package is under advanced stage. 
    • All materials and equipment’s have been delivered at site. 
    • Connectivity for power evacuation has already been secured from CTUIL for the project. 
    • In line with the project completion timeline, the Company has identified priority 105 MW commissioned on 27th June, 2025.
  • 500 MW Solar Project at Khavda 
    • Directors are pleased to inform that Company has already signed PPA with GUVNL for 500 MW Solar PV project at Khavda RE Park in the month of October 2023.
    • The PPA has been approved by GERC vide Order dated 25/09/2024. 
    • Contract awarded for Balance of System (BoS) package and supply of Solar PV Modules for 500 MW Solar Project. 
    • The site is fully mobilized and Construction work for BoS package is under progress. 
    • The land for the project is in possession and power evacuation connectivity has been obtained. 
  • 75 MW Solar Power Project at Vastan – Near Surat Lignite Power Plant. 
    • Directors are pleased to inform that the Company is establishing a 75 MW Solar power plant under the group captive model for Gujarat State Fertilizers & Chemicals Limited and Gujarat Alkalies and Chemicals Limited. 
    • This project is being developed on reclaimed mining land at the Surat Lignite Power Plant, in alignment with the Gujarat Renewable Energy Policy 2023 announced by the Government of Gujarat. 
    • The EPC contract for the project was awarded on April 22, 2024, with a scheduled completion timeline of 330 days and Phase-I comprising 25 MW is commissioned on 22/04/2025 and the remaining Phase-II comprising 50 MW capacity is also commissioned on 24/06/2025.

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