Coal India Q1 net drops 23% to Rs 2,351 cr on higher expenses

State miner Coal India Ltd (CIL) on Monday posted a 23 per cent fall in consolidated net profit for the first quarter ended June at Rs 2,351.2 crore caused by higher expenses.

According to a stock exchange filing, the company had recorded a profit after tax (PAT) of Rs 3,065.2 crore in the same quarter a year ago.

CIL's consolidated income during quarter in consideration registered an increase of 4.5 per cent at Rs 21,774.4 crore.

However, the company's consolidated expenses rose to Rs 17,836.7 crore in the first quarter of the current fiscal, as against Rs 16,197.8 crore in the same period last year.

The production of the state-run miner, which accounts for over 80 per cent of the country's output, at 118.8 million tonnes (MT) in the first quarter, dropped, as compared to 125.6 MT produced in the same quarter of the previous fiscal.

Coal off-take for the quarter in question increased a little at 137.4 MT, over 133.2 MT in the same quarter of previous fiscal.

Coal India stock closed on Monday at Rs 238.65 a share, up Rs 2.80, or by 1.19 per cent, over its previous close on the BSE.

--IANS

bc/vd