Coal India Q2 net up 16% at Rs 2,544 cr

Coal India (CIL), the world's biggest coal miner, on Friday posted a 16 per cent rise in consolidated net profit at Rs 2,543.80 crore for the September quarter on the back of higher sales.

The company's net profit in the corresponding quarter of the previous financial was Rs 2,192.38 crore, CIL said in a filing to BSE.

“The profit after tax (PAT) for the quarter stood at Rs 2,544 crore as against Rs 2,192 crore for the same period last year registering a growth of around 16 per cent (year on year basis),” the state-owned firm said.

The consolidated net sales of the company was at Rs 16,957.59 crore during the quarter, registering an increase of eight per cent.

The company's consolidated net sales in the corresponding quarter of the last financial was Rs 15,677.98 crore.

“The increase in earnings is largely due to the higher production and offtake during the current period compared to the corresponding period in the previous year,” it said.

The total expenses of the PSU increased to Rs 15,067.87 crore, over Rs 14,144.73 crore in the year-ago period.

Coal production during the second quarter of the current fiscal was 108.20 million tonnes (mt) as against 102.42 mt for the second quarter of the previous year, the statement said. The shares of the company closed at Rs 337.65 a piece on the BSE on Friday, up 2.60 per cent from the previous close.