Coal India is trading lower by 3% at Rs 277 on NSE in otherwise strong market after reported a lower than expected net profit at Rs 3,052 crore for the quarter ended September 30, 2013 (Q2), due to lower selling prices and higher wage and diesel costs. Analyst on an average had expected profit of Rs 3,399 crore.
The world's largest coal miner by output has posted profit of Rs 3,078 crore in a year ago quarter.
Net sales grew 5.8% yoy at Rs 15,411 crore, also lower than analyst expectation of Rs 15,924 crore. EBITDA or operating profit decreased by 8.2% yoy to Rs 3,176 crore due to higher raw material costs and contractual expenses.
The stock opened at Rs 280 and has seen a combined around 2 million shares changing hands on the counter till 1100 hours on NSE and BSE.
The world's largest coal miner by output has posted profit of Rs 3,078 crore in a year ago quarter.
Net sales grew 5.8% yoy at Rs 15,411 crore, also lower than analyst expectation of Rs 15,924 crore. EBITDA or operating profit decreased by 8.2% yoy to Rs 3,176 crore due to higher raw material costs and contractual expenses.
The stock opened at Rs 280 and has seen a combined around 2 million shares changing hands on the counter till 1100 hours on NSE and BSE.
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