NLC India Q1 profit jumps 37% to Rs 566.69 cr
Board approves raising the investment limit in the equity shares of Neyveli Uttar Pradesh Power Ltd (NUPPL) from Rs 2,637.38 cr to Rs 3,676.00 cr in one or more tranches
NLC India Q1 profit jumps 37% to Rs 566.69 cr
New Delhi: Government-owned NLC India Ltd announced a significant boost in its bottom line on Wednesday. The company's consolidated net profit jumped 37 per cent to Rs 566.69 crore in the April-June quarter compared to the same period last year.
Total income for the quarter also grew, reaching Rs 3,640.60 crore, up from Rs 3,428.48 crore in the previous year.
The company said that the board has approved raising the investment limit in the equity shares of Neyveli Uttar Pradesh Power Ltd (NUPPL) from Rs 2,637.38 crore to Rs 3,676.00 crore in one or more tranches. However, this is subject to approvals from the Coal Ministry and other government departments. NUPPL is a joint venture of NLC India Ltd (NLCIL) and Uttar Pradesh Rajya Vidyut Nigam Ltd (UPRVUNL).
The board has also approved an increase in the investment limit in the equity shares of NLC India Green Energy Ltd (NIGEL) from Rs 50 crore to Rs 1,500 crore in one or more tranches subject to approvals from the Coal Ministry and others. The company had earlier said that it is planning to raise funds through an Initial Public Offering (IPO) of its wholly-owned subsidiary NLC India Renewables Ltd by the first quarter of the next financial year. The funds raised will be used in its clean energy expansion plans.
NLC India is a 6 GW company consisting of 1.4 GW renewable capacity and 4.6 GW thermal capacity. NLC India -- the first company in the country to add 1 GW renewable capacity -- has plans to scale up its power capacity to 17 GW by 2030. The company also said that it has emerged as the successful bidder for the Machhakata coal block in Odisha under a commercial auction conducted by the Coal Ministry. This is the second commercial coal mine won by NLCIL in the competitive bidding.
NLC said that it has got the approval of the Centre for the implementation of the Pachwara South Coal Block (PSCB) project at Jharkhand State by NUPPL at an estimated capital cost of Rs.2242.90 crore. Besides, an MoU was signed with DVC for the supply of 2.0 MTPA of coal from Talabira II and III Mines.
NLC India is a navratna company under the Coal Ministry with mining and power generation as its core business.
