scorecardresearch

Coal India reports 14.8% fall in June quarter profit

The coal mining firm posted Rs 3,065.28 crore in net profit after tax for the quarter ended June 30, 2016 compared to Rs 3,596.93 crore for the corresponding quarter of last fiscal.

State-run Coal India on Tuesday posted a 14.8 per cent fall in its consolidated net profit.

The coal mining firm posted Rs 3,065.28 crore in net profit after tax for the quarter ended June 30, 2016 compared to Rs 3,596.93 crore for the corresponding quarter of last fiscal.

Total income fell to Rs 19,552.49 crore for the quarter ended June 30, 2016 against Rs 20,942.96 crore for the quarter ended June 30, 2015.

Total expenses of the firm fell to Rs 14,834 crore in Q1 of the current fiscal against Rs 15,320 crore in the corresponding quarter of the previous fiscal.

The company said earnings per share stood at Rs 4.85 for the quarter ended June 30, 2016 against Rs 5.69 in Q1 of last fiscal.

Net sales of the company during the quarter declined by 6.1 per cent to Rs 17,796.05 crore, the coal major said.

Its production during the quarter increased by 3.56 per cent to 125.67 million tonnes (MT) compared to 121.35 MT in the same quarter of previous fiscal.

On the standalone basis, the company's net profit for the period plunged to Rs 368 crore in April-June against Rs 487.10 crore in the year-ago period. Its standalone net sales dropped to Rs 22.84 crore in April-June 2016 from Rs 37.22 crore in the corresponding quarter of previous fiscal.

There was no dividend income during the quarter under review as against that of Rs 442.80 crore in the quarter ended on June 2015, the filing said. Coal India accounts for over 80 per cent of domestic coal production. The government has set a production target of 598 million tonnes for CIL for the ongoing fiscal. The company is looking to double its production to 1 billion tonnes by 2020.

The earnings were announced after market hours. The Coal India stock closed 0.44 per cent lower at Rs 330 on the BSE.

(With PTI inputs)