Coal India Q1 net down 23% at Rs 2,351 cr

Mine grade revision has started to reflect on company's earnings

The effects of mine grade revision has started reflecting on Coal India, which posted a 23 per cent decline in its net profit at Rs 2,351.21 crore for the quarter ended June 30, 2017, missing street estimates.

The net profit of the company in the corresponding quarter of the last financial year stood at Rs 3,065.26 crore.

The average price realisation of the coal miner from fuel supply agreements (FSA) for the three months ended June 30 declined by Rs 38 to Rs 1,201 a tonne as a result of the mine grade revision which severely impacted the top line.