Neyveli Lignite Corporation has reported a three per cent growth in net profit for the fourth quarter of 2011-12 compared with the corresponding period in the previous year.

For the quarter ended March 31, 2012, the company reported a net profit of Rs 605.21 crore (Rs 586.45 crore) on an income of Rs 1,509.92 crore (Rs 1,218.11 crore).

The year too has been a good one for the mining and power generating company with the overall performance better than what has been seen in the recent years, said Mr A.R. Ansari, Chairman and Managing Director, Neyveli Lignite. The company has a lignite mining capacity of about 30.60 million tonnes a year and about 2,740 MW of power generating capacity.

Both lignite mining and power generation have been up by about five per cent taking the year's net profit to Rs 1,411 crore (Rs 1,298 crore) on an income of Rs 4,866 crore (Rs 4,295 crore).

The buoyancy will make a significant jump in the current year with the company set to commission over 500 MW of additional power generation capacity and an equal addition early in the next financial year.

Neyveli Lignite will commission one 500 MW unit at Tuticorin, where it is setting up a 1000 MW plant (2x500 MW) jointly with the Tamil Nadu Generation and Distribution Company, the State power utility. The second unit will start generating power early next financial year.

Though there has been protracted delays in commissioning these power projects, Neyveli Lignite can look forward to a good year from 2012-13 as the financial benefits start coming in.

> rbalaji@thehindu.co.in

Related Topics
comment COMMENT NOW