Neyveli Lignite Q1 Net Rises 10% to Rs 367 Cr

State-run Neyveli Lignite Corporation (NLC) today reported a 9.83 per cent rise in its standalone net profit at Rs 366.90 crore for the quarter ended June 30, on the back of higher income.

The company's net profit in the year-ago period was Rs 334.06 crore, NLC said in a regulatory filing.

The total income from operations of the company increased to Rs 1,843.74 crore compared with Rs 1,510.45 crore in the corresponding quarter of the previous fiscal, it said.

The company further said that the CERC tariff order for Barsingsar Thermal Power Station was received on July 10, for the period from the date of commercial operation declaration (COD) to March 31, 2014.

"The order has the effect of reducing the sale of power by Rs 133.63 crore up to June 30, 2015 and increase in interest expenditure of Rs 35.04 crore. The company being aggrieved over many of the issues in the said order has filed a review and stay petition before CERC for not giving effect
to the said order," the company said.

Therefore, the company has not given effect to the said order, it added.

Shares of the company closed at Rs 89.70 on BSE, showing a rise of 5.65 per cent.