NLC India Financials Dip Amid Rising Costs and Strategic Investments
NLC India Ltd reported a 26.2% decline in profit for Q2 to Rs 724.80 crore, due to higher expenses. Despite a minor drop in income, the board approved significant investments in renewables and a loan for a thermal project, signaling future growth in clean and coal energy segments.
- Country:
- India
NLC India Ltd observed a 26.2% decline in its consolidated profit for the September quarter, reaching Rs 724.80 crore. This downturn is attributed to escalating expenses, despite the company's strategic focus on clean energy investments.
In a regulatory filing, the PSU detailed a slight decrease in total income during the quarter to Rs 4,346.72 crore, compared to Rs 4,374.12 crore the previous year. Concurrently, its expenses grew by 13.7% to Rs 3,615.72 crore from Rs 3,177.40 crore a year earlier.
Amid these fiscal challenges, NLC India's board has sanctioned investments totaling Rs 666 crore in NLC India Renewables Ltd, targeting green energy projects via equity subscriptions. Additionally, the board approved a Rs 1,200 crore loan for a 1,000 MW thermal power project.
Google News