Coal India slides as Q2 PAT rises on lower tax expense

Shares of Coal India fell 0.86% to Rs 208.05 after consolidated net profit rose 14.2% to Rs 3,522.70 crore on 6.9% decline in net sales to Rs 18,986.50 crore in Q2 September 2019 over Q2 September 2018.

Coal India's net profit increased as its tax outgo declined 62.88% to Rs 754.25 crore in Q2 September 2019 from Rs 2,031.71 crore in the year-ago quarter.

The profit before tax declined 16.4% to Rs 4,277.15 crore in Q2 September 2019 over Rs 5,116.41 in Q2 September 2018. The result was declared after market hours on Monday, 11 November 2019.

Consolidated production of raw coal fell 13.06% to 103.99 million tonnes during Q2 September 2019 as against 119.62 million tonnes in Q2 September 2018. Off take of raw coal all witnessed a 10.84% drop to 122.44 million tonnes as against 137.33 million tonnes in Q2 September 2019 compared with Q2 September 2018.

Coal India is the state owned coal mining corporate and is the single largest coal producer in the world.

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