Updated February 7th, 2024 at 14:48 IST
NLC India reports strong Q3 earnings, unveils ambitious future plans
The company reported a consolidated profit of Rs 254.10 crore, marking a significant turnaround from the consolidated loss of Rs 396.35 crore YoY.
NLC India Q3 results: State-owned NLC India Limited posted robust profit for the third quarter ended December 31, 2023, despite a slight dip in income. The company reported a consolidated profit of Rs 254.10 crore, marking a significant turnaround from the consolidated loss of Rs 396.35 crore in the same period last year.
While the consolidated income for the October-December period decreased to Rs 3,249.391 crore from Rs 3,982.49 crore in the previous year, NLC India remains optimistic about its financial performance amidst evolving market dynamics. The company attributes its strong performance to strategic initiatives and operational efficiencies implemented across its business segments.
NLC India has also announced the incorporation of a new wholly-owned subsidiary, NLC India Green Energy Ltd (NIGEL), dedicated to undertaking green projects. The company also has several other ongoing projects and ambitious plans, including the Bithnok Thermal Power Project in Rajasthan, the Pachwara South Coal Blocks in Jharkhand, and the NLC Talabira TPP Phase-I in Odisha. These projects underscore NLC India's commitment to enhancing India's energy infrastructure and supporting the country's economic growth.
NLC India is also actively investing in renewable energy ventures, including solar and wind power projects, as part of its long-term strategy to diversify its energy portfolio and reduce carbon emissions.
The shares of NLC India dipped close to 10 per cent to hit an intraday low of Rs 255.55 apiece on the NSE on Wednesday, February 7, 2024.
Published February 7th, 2024 at 14:48 IST