CIL consolidated Q4 net up 35% on higher coal offtake

The company's net profit in January-March quarter last fiscal stood at Rs 4,013 crore

Buoyed by higher offtake, Coal India today reported nearly 35% growth in consolidated net profit after minority interest at Rs 5,413.9 crore for the fourth quarter ended March 31.

"The rise in profit was on account of higher sales," CIL chairman S Narsing Rao said here today.

The company's net profit in the January-March quarter in the last fiscal stood at Rs 4,013 crore.

The offtake during the quarter was higher by 7.12 million tonne, or 5.8% growth, compared to the figures in corresponding period last year.

The average realisation per tonne of coal during the quarter was down to Rs 1,511 from Rs 1,530 a tonne in the corresponding period 2011-12.

This was due to decline in e-auction realisation from Rs 2,851 a tonne in Q4 FY 12 to Rs 2308 per tonne in the quarter FY 13'.

The consolidated net sales of the PSU during the quarter also went up to Rs 19,904 crore from Rs 19,418 crore over the corresponding period of FY'12, the statement added.

The total expenses of the company during the period came down to Rs 14,225 crore from Rs 16,021 crore in Q4FY'12, it said.

Employee benefit expenses of CIL during the quarter reduced to Rs 7,469 crore over Rs 9,465 crore over the same quarter in FY 2011-12.

The consolidated net profit of the PSU for the year ended March 31, 2013 also went up to Rs 17,356 crore, up 17.37% against Rs 14,788 crore in the previous fiscal.

Net sales of the company rose by 9.43% to Rs 68,302 crore for the year ended March 31, 2013 from Rs 62,415 crore in the year ago-period.

EBITA during the year improved by close to two% during the year under review, Rao said.

E-auction coal quanity sale was down by 1.75 million tonne during the year.

Average realisation of coal per tonne was up by Rs 29 per tonne on account of grade mix of coal while, cost rose by Rs 25 a tonne during the year, Rao said here today.

Interest income during the year was higher to Rs 6010 crore in 2012-13 as against Rs 5049 crore in the previous year.

Cash balance was Rs 62,236 crore for 2012-13 as compared to Rs 58,202 crore in the previous year.

The company produced 452.2 million tonnes (MT) of coal in FY'13 against 435.8 MT in the FY 2011-12.

CIL's offtake also went up to 465 MT in the year ended March 31, 2013 against 433 MT in the year-ago period.

Shares of CIL closed at Rs 313.50 apiece on the BSE, up 1.01% from their previous close.