NEYVELI LIGNITE CORPORATION = RESULTS = Q3 FY 2011 = QTR ENDING DECEMBER 2010 = SALES & PROFITS AFFECTED DUE TO RAINS

Neyveli Lignite Corporation Limited

NSE Symbol NEYVELILIG

Neyveli Lignite Corporation has declared disappointing results for 3^rd quarter ending December,2010.

NET SALES  are down to Rs.869 cr – down by 18.25% from previous qtr  and by 30.56% from Q3 fy 10.

Total expenditure : is at Rs.854 cr – up by 5.26% from Q2 FY 11 and by 1.96% from Q3 FY 10.

Profit from Operations is a dismal Rs.16 cr – down by 93.84% from Q2 FY 11 and by 96.25% from Q3 FY 10.

NET PROFIT : is also down to Rs.96      cr – down by 64.9% from Q2 FY 11 and by 74.11% from Q3 FY 10.

Basic EPS is also therefore down to Rs.0.57 from Rs.1.63 in Q2 FY 11 and Rs.2.22 in Q3 FY 10.

The company has said that incessant rain for 51 days has affected production, sales and profitability.

There was delay in commissioning of one downstream thermal power station TPS – II expansion at Barsingsar.

Hopefully, NLC will come out of these problems quickly. This is to be watched in the next two quarters.

Results table :

NEIVELI LIGNITE	31-Dec-10	30-Sep-10	30-Jun-10	31-Dec-09
Net Sales	86921	106320	114543	125173
DIF %1	869	-18.25	-24.11	-30.56
Increase/decrease in SIT / WIP	1809	937	-2209	-388
Raw Materials	14625	11752	14723	14477
Employees Cost	40348	36596	36007	47587
Depreciation	9557	10359	9572	7228
Other Expenditure	19029	21456	18296	14821
Total Expenditure	85368	81100	76389	83725
DIF %2	854	5.26	11.75	1.96
Profit from Operations	1553	25220	38154	41448
DIF %3	16	-93.84	-95.93	-96.25
Other Income5	13092	16640	11249	13645
Interest6	2612	2697	2582	332
Tax expense	2426	11792	12611	17650
Net Profit	9607	27371	34210	37111
DIF %4	96	-64.9	-71.92	-74.11
Face Value (In Rs	10	10	10	10
Paid Up Equity	167771	167771	167771	167771
Basic EPS	0.57	1.63	2.04	2.22
Public holding (%)	6.44	6.44	6.44	6.44

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