NLC India has posted strong growth in net profit in the nine months ended Dec 31
NLC India announced its Q3 results on Tuesday in which the company recorded consolidated net profit of Rs 250.42 crore. In the same period last year, the company had reported a loss of Rs 406.74 crore. The latest numbers have helped the company record a 207 per cent rise in net profit at Rs 1,739 crore for the nine months ended Dec 31.
While profit has registered a strong growth, its revenue declined year on year by around 18 per cent in the last quarter at Rs 3,249.39 crore. In Q3FY23, the revenue stood at Rs 3,982 crore. Revenue for first nine months of FY24 also saw a close to 14 per cent decline from Rs 11,527 crore in Q3 FY23 crore to Rs 9,911 crore in Q3 FY24.
Following its results, the company has declared a 15 per cent interim dividend, or Rs 1.5 per equity share, for the current financial year. The company's shares closed at Rs 284, up 3.33 per cent today on NSE.
In its statement, the firm noted the synchronisation of Ghatampur Thermal Power Plant's grid and Unit 1 which can produce 660 Mega Watts of electricity. The company is building the thermal plant along with Uttar Pradesh's state power board. After completion, the plant will produce 1980 MW of electricity which will be shared with UP and Assam.
As per the data shared by the company, it has spent Rs 3,493 crore on capex till January 2024, more than 21 per cent of its original target of Rs 2,880 crore. The company also incorporated NLC India Green Energy Ltd to undertake green projects in the coming years.