NLC India Limited reported a consolidated profit of Rs 566.69 crore for the quarter ending June 30, 2024, marking a 37 percent increase from the Rs 413.57 crore recorded in the same period last year, according to a filing with the BSE.
The company’s income for the April-June period rose to Rs 3,640.60 crore, compared to Rs 3,428.48 crore in the previous year. The board has approved raising the investment limit in the equity shares of Nevyeli Uttar Pradesh Power Ltd (NUPPL) from Rs 2,637.38 crore to Rs 3,676.00 crore in one or more tranches, pending approvals from the coal ministry and DIPAM, among others.
NUPPL is a joint venture between NLC India Ltd (NLCIL) and Uttar Pradesh Rajya Vidyut Nigam Ltd (UPRVUNL). Additionally, the board has approved increasing the investment limit in the equity shares of NLC India Green Energy Ltd (NIGEL) from Rs 50 crore to Rs 1,500 crore, subject to similar approvals.
Previously, the lignite-to-power producer announced plans to raise funds through an Initial Public Offering (IPO) of its wholly-owned subsidiary, NLC India Renewables Ltd, by the first quarter of the next financial year. The funds raised will support the company’s clean energy expansion plans.
NLC India, a 6 GW company with 1.4 GW of renewable capacity and 4.6 GW of thermal capacity, aims to scale up its power capacity to 17 GW by 2030. NLC India Renewables Ltd was incorporated for asset monetization of renewable energy projects, while NLC India Green Energy Ltd was established to undertake future renewable energy projects of NLCIL.
NLC India, a navratna company under the Ministry of Coal, focuses on mining and power generation.
