NLC India dropped 8.30% to Rs 53 after the company's consolidated net profit fell 54.2% to Rs 183.10 crore on 19.2% decline in net sales at Rs 2214.86 crore in Q3 December 2020 over Q3 December 2019.
Consolidated profit before tax (PBT) tumbled 60.5% to Rs 288.11 crore in Q3 December 2020 as against Rs 729.06 crore in Q3 December 2019. The Q3 result was declared after trading hours yesterday, 10 February 2021.
The company said power generation during the quarter was 4252.82 MUs as against 5469.47 MUs in the corresponding period of the previous year. The reduction in power generation was mainly due to fire incidents in TPS-II and retirement of all units of TPS-I as on 30 September 2020, which was partly offset by operation of Unit-I of NNTPP unit (500 MW) and full period operation of solar 709 MW. Unit-2 of NNTPP (500 MW) started commercial operation from 10 February 2021.
Power exports during the quarter was 3666.55 MUs as against 4702.41 MUs in the corresponding period of the previous year.
Further, NLC India said it has decided to raise Rs 1,175 crore (with a base issue size of Rs 250 crore and green shoe option to retain oversubscription upto Rs 925 crore) through private placement of unsecured, non-cumulative, non-convertible, redeemable, taxable bonds (Series of 2021) in the nature of debentures at a coupon of 6.05% p.a. as per the bidding process held on 10 February 2020.
NLC India, a Navratna CPSE and Coal India, a Maharatna CPSE, both under the administrative control of Ministry of Coal, executed a joint venture agreement on 3 July 2020 for formation of a joint venture company to develop solar and thermal power assets to the tune of 5,000 MW on pan India basis. As of 31 December 2020, the Government of India held 79.20% stake in the company.
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