State-owned Neyveli Lignite Corporation (NLC) today reported a nearly flat net profit at Rs 342.8 crore for the quarter ended June 30.
The company had posted a net profit of Rs 342.1 crore in the April-June quarter of 2009-10, NLC said in a filing to the Bombay Stock Exchange.
Total income of the public sector firm for the reporting quarter increased to Rs 1,425.1 crore as against Rs 1,257.9 crore in the April-June quarter of FY10, the statement added.
Besides, Coal Ministry had said in the beginning of this month that it was seeking approval to offload 3.6% equity in NLC to meet the 10% public float guideline required from a Navratna company. At present, only 6.44% of its shares are owned by the public.
The company has four opencast lignite mines, having a capacity of about 30.60 million tonnes per annum (MTPA), while it can produce about 2,740 MW of power from four power plants.
Moreover, power plants of about 7,050 MW capacity across the country are under construction for the company, which also intends to increase lignite mining capacity by an additional 13.5 MTPA in the near future.