NLC India shares suffer a 6% loss as Q1 profits drops by 37%

After the company's net profit for the June quarter fell 27.2% on-year to Rs 413.57 crore, NLC India shares fell 6.43% in early trade on July 31. From Rs 836.59 crore recorded in Q4FY23, their net profit decreased by 50.5% sequentially.

NLC India reported on Friday that its operating revenue for the first quarter of FY24 was Rs 3,316.5 crore, down 14.1% from the same quarter previous year when it was Rs 3,862.9 crore. From the Rs 5,134.04 crore reported in the March quarter, its revenue decreased 35.4% sequentially.

Operating profit margins for the company's first quarter of FY24 were similar from the prior quarter at 36%.

The company's mining segment revenue decreased by 8.21%, while its power generating segment revenue fell by 11.71%.

NLC India Limited is a public sector company that operates in mining and electricity production is, originally known as Neyveli Lignite Corporation. The business runs lignite mines in Rajasthan and Tamil Nadu that produce and supply lignite to thermal power plants all throughout India. The aggregate installed production capacity for lignite and coal at the mining company is 50.6 million tonnes annually.

Source: Media Reports