Neyveli Lignite records all-time high profit of `1,460 cr in FY13
Government-owned lignite mining and power generating company
Neyveli Lignite Corporation has earned a net profit of 1,459.75 crore for the fiscal year 2012-13. This was an all time high record in the history of organisation. In the production front as well, NLC created new records in lignite production and power generation.
NLC, which is also a Navratna public sector unit, is under the administrative control of Mintsry of Coal. Since its inception in 1956, it has remained a pioneer among the public sector undertakings in mine-cum-energy sector.
Nevyeli registered a growth in almost all the products. Lignite production registered a growth of 6.64 % and power generation registered a growth of 5.92 % during the year
Sales turnover for the fiscal year 2012-13 grew 14.86 % to stand at Rs 5,590.07 crore as against 4,866.85 crore in the last fiscal (2011-12).
Beating the slowdown in the economy profit before tax stands at Rs 2,047.65 crore for the year 2012-13 as compared to Rs 1,983.89 crore in the previous year FY12 which is 3.21 % higher over the last fiscal. Profit after tax registered a growth of 3.43% to stand at Rs 1,459.75 crore for the year 2012-13 as compared to Rs 1,411.33 crore in the last fiscal. The Company has paid an Interim Dividend of 10% (Rs 1 per share) in March 2013. The Board of Directors of NLC has recommended a final dividend of 18% (Rs 1.80 per share) and the total dividend is 28%. The total outflow including distribution tax will be Rs 547.54 crore for the year 2012-13.
For the future course, NLC plans to set up a coal-based power project which would be of capacity 1980 mw at Ghatampur ,UP NLC has also formed a joint venture with UPRVUNL Power Limited
To meet the energy requirements of the country NLC is also spreading its wings in new projects with fuels other than lignite. Devangudi Mine project at Neyveli (2.00 MTPA), Bithnok Mine project (2.25 MTPA) and Hadla & Palana Mine project at Rajasthan (2.50 MTPA) and constitute a total of 6.75 MTPA of Lignite capacity augmentation are under consideration.