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Neyveli Lignite Corporation (NLC) has reported a 34 per cent drop in net profit for the fourth quarter FY16 compared to the corresponding quarter of FY15. It posted net profit of ₹446.24 crore (₹676.81 crore) on total income of ₹1,854.15 crore (₹1,682 crore).
Total expenses were ₹1,198.73 crore (₹1,126.54 crore) and finance costs were higher at ₹43.64 crore (₹28.39 crore).
For the year ended March 31, 2016, the company reported net profit of ₹1,204.15 crore (₹1,579.68 crore) on total income of ₹6,669 crore (₹6,087.68 crore).
According to a press release, the performance was impacted by the newly commissioned Thermal Power Station II expansion, which did not stabilise, leading to under-recovery of capacity charges of about ₹244 crore and due to the floods and rain in November-December 2015. NLC has declared a final dividend of ₹ 1.20 a share (it has previously declared an interim dividend of ₹ 1.80) for the year.
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