NLC India Q1 profit rises 37% to Rs 566.69 crore: Rediff Moneynews

New Delhi, Aug 7 (PTI) NLC India Ltd. on Wednesday reported a 37 per cent rise in consolidated profit at Rs 566.69 crore for the quarter ended June 30, 2024.

NLC India Ltd informed in a filing with BSE that during the corresponding period last year, the company had posted a net profit of Rs 413.57 crore.

The company’s income during April-June period rose to Rs 3,640.60 crore as against Rs 3,428.48 crore during the same period a year earlier, the filing said.

The company said its board has approved the increase in the limit of investment in ordinary shares of Nevyeli Uttar Pradesh Power Ltd (NUPPL) from Rs 2,637.38 crore to Rs 3,676.00 crore in one or more tranches.

However, this requires the consent of, among others, the Ministry of Coal and DIPAM.

NUPPL is a joint venture of NLC India Ltd (NLCIL) and Uttar Pradesh Rajya Vidyut Nigam Ltd (UPRVUNL).

The board also approved increasing the limit of investment in 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 approval of the coal ministry and other entities.

The lignite producer had earlier said it plans 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.

As reported, the funds raised through the IPO will be used to implement expansion plans in the clean energy sector.

NLC India is a 6 GW company, comprising 1.4 GW of renewable capacity and 4.6 GW of thermal capacity. NLC India — the first company in the country to add 1 GW of renewable capacity — plans to increase its power capacity to 17 GW by 2030.

While NLC India Renewables Ltd was formed to monetise the assets of renewable energy projects, NLC India Green Energy Ltd was formed to implement future renewable energy projects of NLCIL.

NLC India is a Navratna company under the Ministry of Coal. Its primary activities are mining and power generation.