NEW DELHI: Neyveli Lignite Corporation Ltd has reported a marginal rise of 3% in net profits at `605 crore for the fourth quarter ended March 2012 as compared to ` 586 crore last year over the same period.
The standalone total income from operations of the public sector firm increased to `1,509 crore against `1,218 crore last year. The total expenditure also increased from `2,670.98 crore last year to `3,132.31 this year.
The consolidated profits have gone up to `1,411 crore for the quarter ended March 2012 against `1,298 crore last year.
The company said that the first unit of its Barsingar Thermal Power project began its commercial production in April this year.
NLC is also in its implementation stage for the joint venture project with the Tamil Nadu Electricity Board (TNEB) viz., coal based thermal power plant of 2 x 500 MW capacity at Tuticorin. The project worth `4,909.54 crore is being executed in an equity participation in the ratio of 89:11 respectively.
NLC is also in the process of setting up a 50MW capacity wind based power project in Tirunelveli District that will cost `312.50 crore.
As a strategy for achieving continuous growth, NLC is also entering into power projects using fuel other than lignite at different states of the country.
A project is under execution in Uttar Pradesh wherein a coal based power plant with a capacity of 2000 MW at an estimated cost of `10,000 crore is being set up with 50:50 equity participation.
Similarly, in Madhya Pradesh, a power plant with a capacity of 1000 MW is also being considered.