Coal news and updates

CIL’s 2nd quarter net profit down 28%

November 10: Coal India Limited (CIL), the largest coal miner in India, on November 8 reported a 28.17% drop in net profit for the July-September second quarter of 2014-15 to Rs 2,192.38 crore against Rs 3,052.36 crore reported in the same quarter of the previous fiscal, the company said in a filing to the BSE.

Higher expenses on employee benefits and contractual expenses affected the net profit of the company during the quarter under review.

On a quarter-on-quarter basis the company’s net profit dropped from Rs 4,033.28 crore in the April-June quarter.

In the first six months of the current fiscal, the company’s net profit fell to Rs 6,225.66 crore from Rs 6,783.40 crore earned in the same period of previous fiscal, the company statement added.

During the second quarter of 2014-15, the company’s income from operations increased 1.73% to Rs 15,677.98 crore compared to Rs 15,411.49 crore reported in the same period of the last financial year.

During the quarter under review, the company’s coal production stood at 102.42 million tons (mt), up 4.98% from 97.60 mt produced in the same quarter last year. However, output during the current quarter dropped slightly from 108.32 mt produced in the previous quarter.

The company’s off-take during the quarter stood at 110.49 mt, up 1.26% from 109.12 mt in the same quarter a year ago. However, off-take during the current quarter dropped 7.62% from 119.60 mt of in the previous quarter.

Following are the Q2 and six months results, production and off-take of Coal India Limited (consolidated) in 2014-15 and 2013-14 (in Rs crore):