You are here: Home » Companies » Results
Business Standard

Coal India Q1 profit plunges 55% to Rs 2,080 cr due to lower sales

CIL he company had posted consolidated profit from "continuing operations" of Rs 4,629.67 crore in the year-ago period, the PSU said in a filing to BSE

Topics
Coal India | Q1 results | coal industry

Press Trust of India  |  New Delhi 

Coal India likely to auction 30 million tonnes of coal in Jan-Mar quarter
The coal output by CIL on consolidated basis during the quarter dropped to 121.04 million tonne (MT) from 136.94 MT in April-June 2019-20.

Ltd (CIL) on Wednesday posted 55 per cent decline in consolidated net profit at Rs 2,079.60 crore for the quarter ended June 30 on the back of lower sales.

However, the company had posted consolidated profit from "continuing operations" of Rs 4,629.67 crore in the year-ago period, the PSU said in a filing to BSE.

The company's sales in April-June was at Rs 17,007.10 crore as against Rs 23,223 crore in the year-ago period.

Expenses during the period under review dropped to Rs 16,470.64 crore from Rs 19,077.44 crore in the corresponding quarter of previous fiscal year.

The coal output by CIL on consolidated basis during the quarter dropped to 121.04 million tonne (MT) from 136.94 MT in April-June 2019-20.

The coal offtake by the PSU during the period fell to 120.42 MT from 153.49 MT in the corresponding quarter of the previous fiscal year.

accounts for over 80 per cent of domestic coal output.

The company is targeting one billion tonne of production by 2023-24.

CIL will pump in over Rs 1.22 lakh crore into projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonne of fuel output target, Coal Minister Pralhad Joshi said on Tuesday.

Out of the proposed spend of over 1.22 lakh crore, CIL has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24, the minister had said.

He added the state-owned company will also invest Rs 32,199 on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works.

The investment of Rs 1.22 lakh crore will be utilised to fund a total of 500 projects, Joshi had said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 02 2020. 20:16 IST
RECOMMENDED FOR YOU
.