Neyveli Lignite down 6% as Q3 net slumps 85%

NEW DELHI: Shares of Neyveli Lignite Corporation plunged nearly 6 per cent in Thursday's session after the company in a regulatory filing to BSE said its net profit slumped 84.60 per cent YoY to Rs 47.61 crore in the December quarter.

The company, meanwhile, has declared an interim dividend of 15 per cent i.e. Rs 1.50 per equity.

The company had reported a net profit of Rs 309.47 crore in the corresponding quarter of last year.

Tracking the earnings, the stock declined 5.94 per cent to hit a low of Rs 71.20. At the prevailing price, the stock has been trading 24 per cent lower than its 52-week high of Rs 94.25 hit on August 7, 2015.

Income from operations of the company during the quarter declined 15.90 per cent YoY to Rs 1,255.25 crore from Rs 1,492.65 crore in the year-ago period, the company said.

Total expenses of the company during the period stood almost flat at Rs 1,206.51 crore against Rs 1,205.52 crore in the same quarter of last financial year. share for 2015-2016.