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Neyveli Lignite second quarter profit rises 20%

Neyveli Lignite second quarter profit rises 20%
State-owned Neyveli Lignite Corporation (NLC) on Friday reported a 20 per cent rise in net profit to Rs 334 crore for the quarter ended 30 September on the back of higher sales. Its net profit for the same period last year was Rs 278 crore, the company said in a filing to BSE.

The total income from operations of Neyveli Lignite Corporation for the quarter was Rs 1,349 crore over Rs 1,099 crore for the same period of last fiscal, it said. The company’s total expenses for the period were Rs 964 crore which consisted of employee benefit expense of Rs 470 crore. ‘Employee benefits expense for the quarter includes Rs 25.6 crore towards provision for pay revision and other benefits in respect of non-executives,’ the statement said.

The state-owned firm recently paid over Rs 439 crore dividend to the government for 2011-12.

‘NLC has declared a dividend at the rate of 28 per cent for the financial year 2011-12. The total dividend payout (including distribution tax) amounts to Rs 545.97 crore,’ an official statement had said. The Neyveli Lignite scrip closed at Rs 84.60 on the Bombay stock Exchange (BSE), up 2.11 per cent from its previous close.

NLC operates three opencast lignite mines at Neyveli and one at Barsingsar, Rajasthan, of total capacity of 30.60 million tonnes (mt) and three thermal power stations at Neyveli and one at Barsingsar with a total installed capacity of 2740 mw.

During the period July-September, NLC’s lignite production was 66.76 lt against 59.21 lt of the previous year, registering a growth of 12.70 per cent. The power generation achieved was 4696.20 mu against 4390.61 mu of the previous year, registering a growth of 6.96 per cent.

During the period April-September, lignite production was 129.13 lt against 123.45 lt of the previous year, registering a growth of 4.60 per cent. Power generation achieved was 9748.13 mu against 9200.88 mu of the previous year, registering a growth of 5.95 per cent.

The companymade good progress in the projects it is currently implementing.

TPS-II Expansion (500 mw) at Neyveli and a coal-based power unit at (NTPL) Thoothukudi are under implementation.
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