NLC India mines 1.11% rise in Q1 net profit to `319.63 crore

Chennai: Public sector NLC India Ltd has recorded a marginal rise in net profit for the April-June 2018 quarter at Rs 319.63 crore from Rs 316.09 crore registered in the year ago period.

The Tamil Nadu-based lignite producer had clocked net profit at Rs 1,897.81 crore for year ending March 31, 2018.

Total income for the quarter under review slipped to Rs 1,841.11 crore from Rs 2,336.00 crore.

The company attributed the reduction in the revenue due to 'non-applicability of Clean Energy Cess' after introduction of Goods and Services Tax "both having no impact on bottom line." For the year ending March 31, 2018, total income stood at Rs 9,083.05 crore. On lignite production, NLC India said during the quarter under review, lignite production was at 36.21 lakh tonnes as compared to 37.91 lakh tonnes as it (lignite production) was restricted to liquidate the stock.

Power generation during the April-June quarter was at 4,883.91 million units as against 5,275.52 million units recorded in the year ago period.

Major overhauling of two thermal units at Neyveli resulted in lower power generation in the quarter, it said.

The company said during the April-June quarter, it commissioned 200MW of solar power to its existing renewable portfolio.