Neyveli Lignite Q2 net profit up 20%

Nov 09 2012, 19:16 IST
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SummaryState-owned Neyveli today reported 20 per cent rise in net profit at Rs 334 crore.

State-owned Neyveli Lignite Corporation (NLC) today reported 20 per cent rise in net profit at Rs 334 crore for the quarter ended September 30 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 NLC for the quarter was Rs 1,349 crore during the quarter, 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.

Neyveli Lignite scrip closed at Rs 84.60 on the BSE, up 2.11 per cent, from its previous close.

For the six month period (April-September), 2012-13, the net profit marginally grew to Rs 623.31 crore, as against Rs 621.18 crore in the same period of last year.

The total income rose to Rs 2,681.02 crore during the period, from Rs 2,310.94 crore during the six months of last fiscal

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