Coal India's net profit falls 77.38 percent in Q2

Coal India Ltd (CIL) on Tuesday reported a 77.38 percent fall in consolidated net profit to Rs 600.44 crore in the quarter ended September 30, 2016 as compared to Rs. 2,654.35 crore in the same quarter last year.

Its total income from operations for the quarter stood at Rs 16, 212.55 crore, down 7.3 percent from Rs. 17,489.87 crore in the year-ago period.

The miner produced 104.37 million tonnes (mt) of coal in July-September quarter of the current fiscal, registering 3.54 percent decline from the corresponding period a year ago.

CIL's off-take stood at 115.87 mt in the quarter ended September, 2016, posting a 5 percent year-on-year decrease from 121.99 mt in the same period last year, according to a BSE filing.

In 2015-16, it produced 536.51 million tonnes of coal against a target of 550 million tonnes and its off-take stood at 532.26 million tonnes.

CIL said it would invest Rs 7,765 crore as capital expenditure and Rs 5,069 crore in various other projects in 2016-17.

The company envisaged production of 908.10 million tonnes in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98 per cent with respect to 2014-15.

During 2016-17, the coal production target has been pegged at 598.61 million tonnes with an annualised growth of about 11.6 per cent. In 2017-18, coal production is expected to be 660.7 million tonnes with a growth of about 10.5 per cent.

During April to September period, it sold 240.21 mt of raw coal including e-auction and fuel-supply agreement route and its net sales stood at Rs 31, 140 crore. The average realisation per tonne, during the period, was at Rs 1,296 crore.

--IANS

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