Neyveli Lignite Q2 net profit up 1.7%

The company had spent Rs 155 cr on raw material over Rs 118 cr in the year-ago period.

Neyveli Lignite today reported a marginal 1.7 per cent rise in second quarter net profit to Rs 278.35 crore due to higher expenditure on employees and costlier raw material.

The state-run firm,which is into power generation and lignite mining,had reported 273.71 crore in July-September quarter of the last fiscal,it said in a statement.

The company had spent Rs 155 crore on raw material over Rs 118 crore in the year-ago period. Employee cost also rose substantially to Rs 433.24 crore in the July-September period of the current fiscal against 366 crore during the same period last fiscal.

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Net sales of the company also rose by around 96 crore during the quarter to Rs 1,158.83 crore over the corresponding quarter last fiscal.

Power sector contributed Rs 1,077 crore to the topline and the remaining came from the lignite mining.

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