Coal India Q2 net jumps 16 per cent on higher sales

State miner Coal India Ltd (CIL) on Friday said it posted a 16 per cent rise in consolidated net profit at Rs.2,543.80 crore for the second quarter ended September, compared to Rs.2,192.38 crore in the same quarter of the previous fiscal, on the back of higher sales.

"The profit after tax (PAT) for the second quarter ended September 30, 2015 stood at Rs.2,543.80 crore as against Rs.2,192.38 crore for the same period last year registering a growth of around 16 per cent (YoY basis)," CIL said in a stock exchange filing.

Consolidated net sales were at Rs.16,957.59 crore during the quarter, which was an increase of 8 per cent over the Rs.15,677.98 crore sales in the corresponding quarter of the last fiscal.

"The increase in earnings is largely due to the higher production and offtake during the current period compared to the corresponding period in the previous year," Coal India said.

Coal production during the second quarter of the current fiscal was 108.20 million tonnes (MT) as against 102.42 MT for the second quarter of the previous year.

"The offtake for the second quarter of 2015-16 was 121.99 MT (251.38 MT up to 30.09.2015) compared to 110.49 MT in second quarter of 2014-15 (230.09 MT up to 30.09.2014)," the statement said.

Coal India stock closed at Rs 337.65 a share, 2.60 per cent higher than its previous close on the BSE on Friday.