Coal India Q3 net beats estimates, rises 9% to Rs 4,395 cr

Net sales up 13% to Rs 17,325 cr

State-run Coal India on Wednesday posted a nine per cent rise in consolidated net profit at Rs 4,395 crore for the quarter ended December 31. The company had reported a consolidated net profit of Rs 4,038 crore in the October-December quarter of 2011-12.

Net sales for the quarter grew 13 per cent to Rs 17,325 crore against Rs 15,349 crore in the year-ago period.

"This is in line with  expectations. This was achieved without increase in coal price in the quarter, though there was a rise in diesel price in September," Chairman and Managing Director S Narsing Rao said.

The board, which met on Wednesday to approve the third quarter result, discussed  a possible rise in commodityprices next quarter.

"The issue of coal price hike was internally discussed in on Wednesday's board meeting. It is premature to comment on the quantum of hike as there is no official proposal yet," a top CIL official said.

Responding to a query on the same, Rao said,"Possibility of (coal price hike) is always there. But there is no proposal as of now," According to him, for each one rupee hike in diesel prices, the impact is Rs 120 crore.

CIL chairman, however, refused to comment on proposed price pooling of domestic and imported coal.