Coal India shares fall nearly 3% as Q1 profit declines

Shares of Coal India fell nearly 3 per cent on Wednesday after the company reported 14.7 per cent decline in consolidated net profit for the quarter ended June 30.

After making a weak opening, the scrip further lost 2.72 per cent to Rs 321.70 on BSE.

At NSE, shares of the company declined by 2.7 per cent to Rs 321.50.

Coal India (CIL) on Wednesday reported 14.7 per cent fall in consolidated net profit at Rs 3,065.28 crore for the first quarter due to decline in sales.

CIL had posted a consolidated net profit of Rs 3,596.93 crore in the year-ago period. Consolidated profit includes profit of jointly controlled entities and associates.

Net sales of the company during the quarter declined by 6.1 per cent to Rs 17,796.05 crore, the coal major said in a filing to BSE on Wednesday.

Total expenses of the PSU declined to Rs 14,834.20 crore in April-June this year, from Rs 15,320.81 crore in the corresponding quarter of previous fiscal.