Coal India drops on weak production, offtake numbers in May

Coal India (CIL) fell 3.2% to Rs 143.75 after provisional coal production dropped 11.3% to 41.43 million tonnes (MT) in May 2020 compared with 46.69 MT in May 2019.

Provisional coal offtake slipped 23.3% to 39.95 million tonnes (MT) in May 2020 as against 52.1 MT in May 2019. The disclosure was made after market hours on Monday, 1 June 2020.

The company is yet to declare its Q4 results. CIL's consolidated net profit tanked 14.08% to Rs 3,923.87 crore on a 7.78% drop in net sales to Rs 21,566.41 crore in Q3 December 2019 over Q3 December 2018.

CIL is a coal mining company, which is engaged in the production and sale of coal. The firm offers products, including coking coal, semi coking coal, non-coking coal, washed and beneficiated coal, middlings, rejects, coal fines/coke fines, and tar/heavy oil/light oil/soft pitch.

 

As of 31 March 2020, the Government of India held 66.13% stake in the company.

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