Coal India Q1 net profit jumps 64%

Net sales of the public sector company in the first quarter of the current fiscal increased to Rs 14,499 crore from Rs 11,435 crore in the same period in 2010-11,it said.

Coal production of CIL in the quarter ended June 30 was marginally up by 1 per cent to 96.30 million tonnes (MT) over 95.15 MT for the same period last fiscal.

The offtake of coal during the quarter also increased to 106.25 MT,over 101.05 MT in the corresponding period of FY11,the statement said.

CIL has fixed a target of 452 MT production for the current fiscal.

“CIL…signed a MoU with its administrative ministry – Ministry of Coal – for its key performance areas for the fiscal 2011-12…CIL’s targeted production and coal offtake have been fixed at 452 MT and 454 MT,respectively,” the state-owned company had said.

The mining giant missed its production target and produced 431.325 MT of coal in the last fiscal due to green hurdles.

The world’s largest coal miner had a production target of 460.5 MT for 2010-11,which was revised to 440.2 MT.

Shares of Coal India settled at Rs 385.30 on the BSE,down 0.25 per cent from their previous close.

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