Coal India Ltd registered 21 per cent drop in consolidated net profit at ₹3,084 crore for the quarter ended December 31, compared with ₹3,922 crore in the same period last year.

On a sequential basis, profits were up by around four per cent as compared to ₹2,952 crore registered during the quarter ended September 30.

Revenue from operations on a consolidated basis was marginally up by less than one per cent at ₹21,708 crore during the quarter under review as compared with ₹21,566 crore same period last year.

Total expenses increased by around two per cent at ₹19,592 crore (₹19,267 crore).

Coal production during the quarter increased by nearly six per cent at 156.78 million tonne (mt), as against 147.50 mt in the same period last year. On a sequential basis, production was up by nearly 36 per cent from 114.98 mt during the quarter ended September 2020.

The offtake was up by nearly nine per cent at 153.85 mt (141.60 mt).

The state-owned miner sold close to 123.13 mt of coal through the FSA (fuel supply agreement) route amounting to ₹16,674.79 crore. The average realisation was ₹1,354.20 a tonne. It also sold around 27.26 mt through e-auction route amounting to ₹3,995.80 crore. The average realisation was ₹1465.80 a tonne.

The company’s board at its meeting on Thursday accorded its approval for incorporation of two wholly owned subsidiaries — one for solar value chain (lngot-wafercell- Module) business vertical and another for new and renewable energy subject to approval of the government, the company said in a notification to stock exchanges.

The company’s scrip closed at ₹137 a piece, down 0.94 per cent, on the BSE on Thursday.

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