Coal India Q2 net profit jumps eight-fold to Rs 31 bn; stock falls over 1%

Consolidated expenses of the company during the September quarter rose to Rs 190.915 bn from Rs 181.437 bn a year ago

Coal India Ltd, the country's largest miner, Monday posted an over eight-fold rise in consolidated net profit to Rs 30.85 billion for the quarter to September 2018.

The PSU major had reported a net profit of Rs 3.704 billion in the July-September quarter of 2017-18, it said in a BSE filing.

Total income for the quarter increased to Rs 242.093 billion, over Rs 191.717 billion in the corresponding period a year ago.

Consolidated expenses of the company during the September quarter rose to Rs 190.915 billion from Rs 181.437 billion a year ago.
 

 

Coal India's production for the July-September period stood at 119.6 million tonnes (MT), as against 113.04 MT in the corresponding quarter a year earlier.

CIL, which accounts for over 80 per cent of the domestic coal output, had earlier said that it is optimistic about an aspirational production target of 652 million tonnes for the fiscal year 2018-19.

Shares of the company closed at Rs 264.05 apiece on the BSE, down 1.55 per cent from their previous close.