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This is an archive article published on August 14, 2012

Coal Indias Q1 net up by 7.8 on higher sales,e-auction

Riding on the back of increased prices and strong sales,state-run Coal India Limited CIL today reported about 8 per cent rise in its consolidated net profit to Rs 4,469 crore for the first quarter

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Riding on the back of increased prices and strong sales,state-run Coal India Limited CIL today reported about 8 per cent rise in its consolidated net profit to Rs 4,469 crore for the first quarter ended June 30 as against Rs 4,144 crore during the same period last fiscal.

The net sales of the company for the April-June quarter saw an increase to Rs 16,500 crore,against Rs 14,499 crore for the same period in 2011-12. CIL Chairman S Narsing Rao attributed higher sales higher sales are due to conversion to the Gross Calorific Value mechanism,higher offtake yield and higher realisation from e-auction.

However,the maharatna companys expenses rose significantly to Rs 12,221 crore,over Rs 10,113 crore in the same quarter of the previous fiscal.

It produced 102.4 million tonnes MT of coal in the April-June period against 96.3 MT for the same period last fiscal.

The shares of company closed at Rs 347.55 a scrip,down by 0.3 per cent from the previous close on the BSE. Interest income at Rs 404 crore added to the profits during the quarter under review.

Commenting on the single-digit rate of profit growth,Rao said,The single reason is wage agreement which had impacted by Rs 1,200 crore during the quarter. The annual impact would be close to Rs 5,000 crore.

 

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