Please refer attachment.
Awaiting price reaction for this filing.
NLC India Limited (BSE: 513683) announced its audited standalone and consolidated financial results for Q4 and FY25. Standalone revenue from operations fell to ₹10,285.78 Crore (vs ₹10,520.25 Crore in FY24), but standalone profit after tax rose modestly to ₹1,899.99 Crore (vs ₹1,846.58 Crore). Q4 standalone PAT jumped sharply to ₹656.23 Crore (vs ₹173.18 Crore in Q4 FY24). On a consolidated basis, revenue grew to ₹15,282.96 Crore and PAT surged to ₹2,713.61 Crore, supported by a large positive movement in regulatory deferral account balances. The Board recommended a final dividend of ₹1.50 per share (15%) for FY25, taking total dividend to ₹3.00 per share with the interim already paid. The company also approved a 74:26 joint venture with RVUNL to set up a 3x125 MW lignite-based thermal power plant, and appointed new cost and internal auditors for FY26. The auditor's opinion is unmodified, but a Material Uncertainty Related to Going Concern was flagged due to non-availability of land for lignite mining at Neyveli.
Shareholders get a healthy total dividend of ₹3.00 per share for FY25 and benefit from a sharp jump in consolidated earnings, but the going-concern note on Neyveli mining land and the ongoing regulatory disputes (VSVS scheme, TANGEDCO interest) are key risks. Standalone revenue decline and operating margin compression (22.29% to 19.36%) may cap near-term re-rating, while the new JV expands future capacity.