Coal India Q3 profit dips 14% to ₹3,922 crore

Our Bureau Kolkata | Updated on February 11, 2020

Coal India Ltd posted 14 per cent drop in consolidated net profit at ₹3,922 crore for the third quarter ended December 31, 2019, as compared with ₹4,567 crore same period last year.

Net sales dropped by 8 per cent to ₹21,566 crore during the quarter under review as compared with ₹23,385 crore same period last year.

Production by the country’s largest miner during the October- December quarter was down at 147.50 million tonnes as against 157.97 mt same period last year. Offtake was also down at 141.60 mt (153.83 mt) during the period under review.

CIL sold close to 127.69 mt coal through FSA route and realised close to ₹18,015.84 crore. The average realisation was close to ₹1,411 per tonne. It also sold around 9.84 mt through e-auction route realising ₹2,581.05 crore and the average realisation was ₹2,623 per tonne.

The Central government has sold 2.91 per cent in Coal India through the sixth further fund offer of CPSE ETF Mutual Fund scheme.

With this, the government’s stake in CIL has reduced to 66.14 per cent as compared with 69.05 per cent, the company informed the stock exchanges through a notification.

Published on February 11, 2020

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