Coal India gains post Q1 earnings

Q1 net profit up 8% at Rs 4,469 crore on year-on-year basis

Coal India is trading higher by 2.2% at Rs 355 after reporting 8% year-on-year (yoy) rise in consolidated net profit at Rs 4,469 crore for the quarter ended June 2012, it’s highest-ever quarterly profit on the back of strong sales and prices.

Net sales rose 14% at 16,500 crore on y-o-y basis, while income from other sources jumped 31% to Rs 2,071 crore from Rs 1,580 crore during the quarter under review.

The world's biggest coal producer is targeting supply of 470 million tonnes of coal this fiscal year, about 9% higher from the 432.94 million tonnes in 2011/12, according to media reports.

 

A combined around 80,000 shares have changed hands on the counter in opening deals.