Coal India's net falls 21% to Rs 3,084 crore in December quarter

For the nine months of the current financial year, the net profit of CIL was down by 32.3 per cent at Rs 8,113 crore

State-owned Coal India limited (CIL) on Thursday reported a 21.4 per cent year-on-year decline in net profit for the third quarter ending December 2020 (Q3FY21). The company’s profit after tax stood at Rs 3,084.10 crore in Q3FY21.

For the nine months of this financial year, the net profit of CIL was down by 32.3 per cent at Rs 8,113 crore.

The company’s revenue was up marginally by 2 per cent at Rs 23,686 crore in Q3FY21 as against Rs 23,190.5 crore clocked during Q3FY20. Its EBITDA rose by 4 percent to Rs 5,165 crore in the latest December quarter.

CIL produced 156.8 million tonne of coal in Q3FY21 as against 147.50 million tonne in the year-ago quarter. The offtake in the quarter increased by 9 per cent year on year to 153.85 million tonne in the third quarter of the current fiscal, the company said in a stock exchange filing.

The total income of the company was marginally down to Rs 24,334 crore during the Q3FY21.

Lockdown followed by sluggish growth in industrial activity and demand from the electricity sector has hit coal demand and thereby the revenue stream of CIL from existing supply contracts. The company however increased supply of coal under auction mode to meet the demands of industries which do not have long-term fuel supply agreements with CIL.

In January, CIL said it has decided to scale up its capital expenditure by an additional Rs 3,000 crore. This is the first time in its history that the mining giant has upward revised its capex. The capex for the current fiscal would stand at Rs 13,000 crore.