NLC India Limited (NLCIL), a prominent state-owned coal mining company in India, has reported a significant rise in its Profit After Tax (PAT) for Q2 2023-24, recording Rs 1,121 Cr, a whopping 205% increase from Rs 367 Cr during the same period last year. This robust growth comes amidst a series of strategic moves and developments undertaken by the company during the quarter.

Key Achievements and Developments

• Secured an 810MW Grid-connected solar project tender by R VUNL in Rajasthan on August 10, 2023.
• Emerged as the winning bidder for North Dhadu (Western Part) Commercial Coal Mine in an E-auction held on August 1, 2023. This marks NLCIL’s debut win under commercial auctions.
• On September 28, 2023, a Power Purchase Agreement (PPA) was inked between NLCIL and GRIDCO for a 800 MW supply from the Talabira Thermal Plant.
• August 17, 2023, saw a Power Usage Agreement (PUA) signed between NLCIL and RUVNL, facilitating a 300 MW Solar Power supply under the CPSU Scheme.
• The company further expanded its portfolio by incorporating the wholly-owned subsidiary, NLC India Green Energy Limited (NIGEL), on October 13, 2023.
• Other notable milestones include the completion of the permanent diversion of the Paravanar River for mining enhancement on August 21, 2023, and the acquisition of 487.42 Ha of the 692.10 Ha lands at Mine-II, which had been acquired since 2000.
• The company also issued a Letter of Award for a 200 MW Solar project on October 16, 2023, under the CPSE Scheme.
• The Expert Appraisal Committee (EAC) of MOEF & CC has recommended the issuance of an Environmental clearance for the Pachwara South Coal Block, contingent upon stage-I forest clearance.

Overview of Financial Highlights – Standalone & Consolidated

• For the half year ending on September 30, 2023, the standalone PAT stood at Rs 1,452 Cr, showing a growth of 66.32% compared to the previous year. The Profit Before Tax (PBT) grew by 71.42%, and the EBITDA saw a growth of 36.75%.
• Consolidated figures reveal that the PAT for the group for the half year ended on September 30, 2023, was Rs 1,500 Cr, marking a growth of 52.10% from the previous year. The EBITDA of the group also grew by 26.83%.

  India, NLC India Limited