Neyveli Lignite Q1 net down 3% to Rs 278 crore

State-owned Neyveli Lignite Corporation (NLC) today reported a 3.4 per cent dip in net profit to Rs 278.4 crore for the quarter ended June 30, 2013, owing to higher expenses.

The company's net profit during the same period of the last fiscal was at Rs 288.4 crore, NLC said in a filing to BSE.

NLC'S total expenses went up by almost 17 per cent to Rs 1,157 crore, against Rs 990 crore in the year-ago period, it said.

The total expenses went up due to higher employee benefits expense and changes in inventories of stock-in-trade and work-in-progress.

"Employee benefits expense for the current quarter includes Rs 38.73 crore towards provision for pay revision and other benefits in respect of non-executives," NLC said.

The total income from operations of the company also increased to Rs 1,559 crore, over Rs 1,331 crore in the corresponding quarter of FY'13, it added.

The company's incurred a loss of Rs 64 crore on the back of exceptional items.

"Exceptional item includes Rs 62.09 crore towards income tax reimbursement claim pertaining to earlier years disallowed by the appellate authority (APTEL) in respect of KSEB.

Decision with regard to further appeal is under consideration," the company said.

The shares of the company closed at Rs 55.70 apiece on BSE on Thursday, up 6.60 per cent from the previous close