Public sector Neyveli Lignite Corp (NLC) today posted a 34 per cent decline in standalone net profit at Rs 446.24 crore for the March quarter.
The company had posted a net profit of Rs 676.81 crore in the year-ago period, NLC said in a filing to BSE.
The total income from operations (net) during the quarter increased to Rs 1,854.15 crore over Rs 1,682.09 crore in the corresponding quarter of financial year 2014-15.
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The total expenses of the company increased to Rs 1,198.73 crore as againts Rs 1,126.54 crore in the year-ago period.
However, the results for quarter ended March 31, 2016 on consolidated basis were not available.
In a separate filing, the company said that its board has recommended "a final dividend at 12% i.E. Re 1.20 per equity share for the financial year ended March 31, 2016, subject to CAG Audit and approval of members.
(REOPENS DCM 82)
NLC's net profit was impacted by non-stablilisation of operation of newly-commissioned units of thermal power station-II expansion, resulting in an under recovery of capacity charges (operating loss) to the tune of Rs 244 crore and due to rains and floods, the company suffered a power generation loss resulting in consequentional loss of estimated revenue of around Rs 409.73 crore, it said in a statement.
"These factors attributed to reduction in net profit after tax...," it said.
The company further said that it kept its performance parameters up in FY16 despite a set back to its operations due to incessant rain and floods for over a month in November/December, 2015.
