Coal India share price fell in Thursday's early session after the company posted weak earnings for the quarter ended June 2020.
Coal India reported 32% YoY drop in its consolidated net profit at Rs 2,078 crore for the quarter ended June 30 against Rs 4,630 crore in the corresponding quarter last year.
Following the earnings update, shares of Coal India dropped 1.83% to the intraday low of Rs 133.80 against the previous close of Rs 136.30 on BSE. Earlier, the stock opened at Rs 137.15 and touched the day's high at Rs 138.10.
Coal India share price stands higher than 20, 50 and 100-day moving averages but lower than 5 and 200-day moving averages. The stock has declined by 3.9% in one week and 35% year-to-date.
Coal India's sales volume was down 21.5% YoY to 120.4 mn tonne while production fell 11.6% YoY to 121 mn tonne.
Coal India reported a 25.9% YoY de-growth in consolidated revenues to Rs 18,487 crore for Q1FY21, due to a contraction in coal prices during the quarter. This was against Rs 24,939 crore for Q1FY20.
EBIDTA for the quarter stood at Rs 3,052 crore down 53.8% YoY while EBIDTA margins contracted by 10% points to 16.5%.
On earnings of Coal India, Jyoti Roy, DVP Equity Strategist, Angel Broking said, "Overall the Q1FY21 numbers are above street expectation which coupled with strong production and offtake numbers for the month of August should provide some tailwind to the stock in the short term."
Coal India stock closed 0.48% lower at Rs 135.65 on BSE today.