Coal India Q1 net jumps 64% to Rs 4,143 cr

Maharatna firm Coal India (CIL) today reported a 64% jump in the consolidated net profit at Rs 4,143 crore for the first quarter ended June 30.

The company had posted a consolidated net profit of Rs 2,525 crore in the April-June period of 2010, the company said in a filing to the Bombay Stock Exchange (BSE).

Net sales of the public sector company in the first quarter increased 26.79% to Rs 14,499 crore from Rs 11,435 crore in the same period in 2010-11, it said.

Coal production of CIL in the quarter ended June 30 was marginally up by 1% to 96.30 million tonne over 95.15 million tonne for the same period last fiscal.

The offtake of coal during the quarter also increased to 106.25 million tonne, over 101.05 million tonne in the corresponding period of FY11, the statement said.

CIL has fixed a target of 452 million tonne production for the current fiscal.

"CIL signed a MoU with its administrative ministry – Ministry of Coal - for its key performance areas for the fiscal 2011-12...CIL's targeted production and coal offtake have been fixed at 452 million tonne and 454 million tonne, respectively," the state-owned company had said.

The mining giant missed its production target and produced 431.325 million tonnes of coal in the last fiscal due to green hurdles.

The world's largest coal miner had a production target of 460.5 million tonne for 2010-11, which was revised to 440.2 million tonne.

Shares of CIL settled at Rs 385.30 on the BSE, down 0.25% from their previous close.