Announces a final dividend of 10 per cent

Neyveli Lignite Corporation has announced a final dividend of Re. 1 per share of Rs. 10 each, making with the interim a total of Rs. 2 per share for the year ended March 31, 2010, same as previously.

The company has achieved a turnover of Rs. 4,121.03 crore against Rs. 3,354.91 crore. The gross profit before depreciation and interest charges has risen to Rs. 1,889.16 crore from Rs. 1,486.37 crore. The company achieved a net profit of Rs. 1,247.46 crore against Rs. 821.09 crore, a growth of 52 per cent.

On the basis of consolidated results released by the company, profit from lignite mining was Rs. 891.94 crore against Rs. 493.67 crore and power generation Rs. 388.65 crore against Rs. 59.97 crore.

Lignite production from all mines put together at 213.07 lakh tonnes is the highest for any year since inception against 215.86 lakh tonnes in 2008-09. Gross power generation was higher at 17,657.94 million units against 15,767.98 million units and power export at 14,827.50 million units against 13,204.05 million units. The Mine-II expansion project, increasing the capacity to 15 million tonnes annually from 10.5 million tonnes annually attained full lignite production capacity on March 12 and was dedicated to the nation by the Union Minister of State for Coal, Sriprakash Jaiswal, on April 5. The Barsingsar mine project (2.1 million tonnes of lignite) at Rajasthan attained full production capacity on January 31. Thus, the installed mining capacity has increased to 30.6 million tonnes from 24 million tonnes annually.

NLC Tamilnadu power Limited (NTPL) 1,000 MW coal-based power project at Thoothukudi, a joint venture company of NLC and Tamil Nadu Electricity Board is under implementation. The Central Government had sanctioned the project in May 2008 and orders have been placed for main plant package and other major packages. The project is scheduled to be commissioned during 2012-13.

For the current year, a target of 1,581 lakh cubic metres of overburden removal, 241.4 lakh tonnes of lignite excavation and 18,758 million units of power generation have been fixed, says a company release.

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