NLC India Q2 Profit Drops 26%

New Delhi: State-owned NLC India Ltd on Wednesday reported a 26.2 per cent drop in consolidated profit to Rs 724.80 crore for the September quarter, on the back of higher expenses.

The company had posted a consolidated profit of Rs 982.41 crore in the year-ago period.

The total income during the second quarter decreased marginally to Rs 4,346.72 crore, compared to Rs 4,374.12 crore in the corresponding quarter of the previous financial year, the PSU said in a regulatory filing.

The company's expenses increased by 13.7 per cent to Rs 3,615.72 crore against Rs 3,177.40 crore a year ago.

The company's board has given its in-principle approval to invest up to Rs 666 crore in one or more tranches in NLC India Renewables Ltd (NIRL), a wholly-owned arm, the filing said.

The investment would be by way of subscription to equity shares at face value for funding the green energy projects, and will be executed through joint venture companies.

The board has also approved a loan of Rs 1,200 crore for its 1,000 MW thermal power project.

NLCIL is engaged in lignite mining and power generation. The company has diversified into the renewable energy and coal mining business in India and abroad.

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)