NLC India shares take a 6% hit from 37% decline in Q1 profit
NLC India on Friday reported a 14.1 percent year-on-year (YoY) decline in revenue from operations for Q1FY24 at Rs 3,316.5 crore as compared to Rs 3,862.9 crore in Q1FY23.
NLC India shares were down 6.43 percent in early trade on July 31 after the company’s net profit for the June quarter declined 27.2 percent on-year to Rs 413.57 crore. Sequentially, its net profit declined 50.5 percent from Rs 836.59 crore reported in Q4FY23.
At 10.15am, the stock was quoting Rs 114.85 apiece, down by Rs 4.05, or 3.41 percent, on the NSE.
NLC India on Friday reported a 14.1 percent on-year decline in revenue from operations for Q1FY24 at Rs 3,316.5 crore as against Rs 3,862.9 crore last year. Sequentially, its revenue declined 35.4 percent from Rs 5,134.04 crore reported in the March quarter.
The company’s operating profit margins for Q1FY24 remained flat at 36 percent over last year.
Segment-wise, the company’s revenue from mining came down by 8.21 percent, while that from power generation declined 11.7 percent.
NLC India Limited, formerly Neyveli Lignite Corporation, is a public sector company engaged in mining and power generation. The company operates lignite mines in Tamil Nadu and Rajasthan, producing and supplying lignite to thermal power stations across India. The mining company’s aggregate installed production capacity for lignite and coal is 50.6 million tonnes per annum.
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