CIL net profit rises 13% at Rs 10,867 cr

Coal India (CIL) today reported 12.93% rise in its consolidated net profit at Rs 10,867 crore for the financial year ended 2010-11.

The public sector firm had achieved a net profit of Rs 9,622 crore in 2009-10, the company said in a filing to the Bombay Stock Exchange (BSE).

The net sales of the company also increased to Rs 50,233 crore for the year ended March 31, 2011 compared to Rs 44,615 crore in 2009-10, the statement said.

The maharatna firm produced 431.32 million tonne coal in 2010-11 which was almost same as the output registered by it in the previous fiscal.

The company had produced 431.26 million tonne of coal in 2009-10.

"In a notification on January 13, 2010 the MoEF had imposed a temporary moratorium till August 31, 2010 on development projects in 43 clusters labelled critically polluted.... The moratorium has adversely impacted the coal production of the company during the financial year 2010-11," it said.

CIL's coal offtake in 2010-11 went up marginally by 2% to 424.5 million tonne in 2010-11 over 415.8 million tonne in the previous financial year.

The PSU had reported 24.2% rise in standalone net profit at Rs 4,696 crore for 2010-11 on account of increase in sales and dividend from subsidiary companies.

"The overall result of the company has been very good. It could be attributed to various reasons like our stocks were sold very well. Moreover, there had been increase in sales," Coal India Chairman NC Jha had said while announcing its standalone results.

Shares of Coal India closed at Rs 377, up 1.89% from the previous close on the BSE.