State-run Coal India (CIL) today posted a 54 per cent rise in consolidated net profit at Rs 4,037.7 crore for the quarter ended December 31,on the back of improved sales. The company had reported a consolidated net profit of Rs ,621.5 crore in the October-December quarter of 2010-11. The consolidated total income rose to Rs 17,205.1 crore rom Rs 13,937.4 crore for the quarter ended December 31,2010. "We are very happy with the CIL performance and will make very effort to take the PSU to further heights. Our efforts will be on meeting production target and further enhancing it," Chairman and Managing Director of Coal India Zohra Chatterji said The stand-alone net profit of CIL saw a massive 957 per cent increase to Rs 1,219.33 crore for the quarter against Rs 15.3 crore for the same period last fiscal. The company's standalone total income also rose to Rs ,566 crore against Rs 400.5 crore for the same period in a year-ago period,it said. While the production of the PSU for the quarter ended December 31,marginally went up by 0.7 per cent to 114.62 million tonnes (MT),against 113.77 MT for the same period in the last fiscal,the company said. However,the offtake of CIL for the October-December period remained almost flat at 110.2 MT,against 110.4 MT for the same period in the year-ago period. The company which recently entered into a wage pact with its workers said that the additional outgo on account of the hike in wages will be considered in the fourth quarter of the current fiscal. "The National Coal Wage Agreement,NCWA IX,covering wage settlement of non-executive employees has been finalised on January 31,2012. Like in the second quarter provision for such wage increase has also been considered in third quarter accounts,and final impact in any,on the basis on above agreement shall be considered in fourth quarter/Annual Accounts 2011-12," the statement said. CIL had inked a pact with its trade unions to increase wages by 25 per cent,putting an additional burden of Rs 6,500 crore on the public sector unit. The hike has benefited over 3.7 lakh workers of the world's largest coal producer.
