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Coal India Q3 profit falls 14%

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Coal India (CIL) reported 14.1% fall in consolidated net profit to Rs 3923.87 crore on a 7.8% decline in net sales to Rs 21566.41 crore in Q3 December 2019 over Q3 December 2018.

Coal India realised Rs 18,015 crore in October-December 2019 from fuel supply agreement (FSA) at Rs 1,411 per tonne.

The company produced 147.50 million tonne of raw coal in the three months ended December. Its output in the corresponding period a year ago was 155.97 million tonne.

Total coal sales fell 8.15% to 141.55 million tons in Q3 FY20 from 154.12 million tons reported in the same period last year.

The average realization of the coal major improved marginally to Rs 1524 per ton in Q3 FY20 from Rs 1517 per ton in Q3 FY19.

The coal major's total expenses remained flat at Rs 18222.05 in the December quarter of FY20. Financing costs surged 144.1% to Rs 151.27 crore in Q3 FY20 from Rs 61.96 crore in Q3 FY19.

Profit before tax (PBT) stood at Rs 5335.77 crore in Q3 FY20, down by 24.1% from Rs 7029.14 crore reported in Q3 FY19. Tax expenses declined 42.6% to Rs 1413.96 crore year-on-year (YoY).

Meanwhile, the government has offloaded 2.91% stake in Coal India through the sixth further fund offer of CPSE ETF Mutual Fund scheme. The government's stake in the mining major has now come down to 66.14% compared with 69.05%, the company said in a release.

Shares of Coal India rose 1.09% to Rs 181.30. It traded in the range of Rs 180.70 and Rs 183.30 so far.

Coal India (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 December 2019, the Government of India held 69.05% stake in the company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 12 2020. 09:27 IST