Riding on the back of higher sales, Coal India (CIL) registered a 53 per cent rise in consolidated net profit at ₹3,174 crore for the quarter-ended June 30 as compared with ₹2,077 crore in the same period last year.
Consolidated revenue from operations increased by 37 per cent to ₹25,282 crore during the period under review as compared with ₹18,487 crore last year.
On a sequential basis, net profit dropped by 31 per cent from ₹4,589 crore in January-March quarter of last fiscal.
Total expenses increased by 31 per cent during the April-June quarter of this fiscal at ₹21,626 crore (₹16,471 crore).
Production was up marginally by two per cent at 123.98 million tonne (mt) during the quarter under review. Sequentially, production was down by 39 per cent from 203.42 mt during the January-March 2021 quarter.
Coal offtake during the quarter was up by 33 per cent at 160.44 mt (120.80 mt).
Sales
The country’s largest miner sold around 127.48 mt of coal through FSA (Fuel Supply Agreement) route clocking net sales of ₹17,771 crore at an average realisation of ₹1,394.06 a tonne. It sold around 30.19 mt of coal through e-auction route at an average realisation of ₹1,569.05 a tonne.
On a standalone basis, Coal India registered a net loss of ₹50 crore for the quarter, as compared with a net profit of ₹12 crore in the same period last year.
The drop in profits is mainly on the back of suspension of mining operations at NEC (North Eastern Coalfields) in Assam.
“The functional director of Coal lndia Ltd vide its 229th meeting dated June 5, 2020 has ratified the decision to temporarily suspend the mining operation at NEC (in Tikak, Tipong and Tirap Colliery) from June 3, 2020 till forestry and other statutory clearances are obtained and mines are made operational. The management is reviewing the impact of the above temporary suspension. Decrease in production and offtake is mainly due to suspension of such mining operation,” the company said in the notes to accounts to stock exchanges.
Shares of Coal India closed at ₹142.25, down 0.73 per cent on the BSE on Tuesday.