Coal India posts 61% rise in Q1 profit at Rs 37.86 bn on increased sales

Revenue stood at Rs 254.71 billion

Backed by increased sales, particularly to the power sector and an increase in coal prices in its e-auctions, Coal India posted a staggering  61 per cent rise in its net profit at Rs 37.86 billion for the quarter ended June 30, 2018. The net profit in the similar quarter of the last fiscal year stood at Rs 23.51 billion.

The miner missed street estimates which were hoping for a net profit in excess of Rs 42 billion. Nevertheless, the steep rise in profitability is despite the company provisioning Rs 1.99 billion for its executive employees whose salary was revised earlier.