CIL FY10 net rises fourfold at Rs 8,312 cr

Net profit of state-owned Coal India (CIL) increased fourfold at Rs 8,312 crore during 2009-10 as against Rs 2,078 crore in the previous financial year.

CMD of CIL Partha Bhattacharya said today that gross sales touched Rs 52,088 crore during the last fiscal, registering a rise of 13.74 per cent over the previous year.

Gross profit increased 38 per cent at Rs 12,396 crore against Rs 8,960 crore in 2008-09, out of a provision of Rs 3,216 crore towards wage revision.

He told reporters that CIL would file the DRHP with the Sebi for its proposed IPO by the middle of June.

Bhattacharya said that the public offer would hit the market either by the end of July or the first week of August.

Through the IPO, government would dilute 10 per cent of CIL stake out of which 1 per cent would be reserved for employees.

Regarding production, he said that CIL had produced 431.27 million tonne against the target of 435 million tonne.

Bhattacharya said that production was marginally lower because of a lack of railway rakes and delay in getting forest and environment clearances.