Coal news and updates

 

 

Coal India Ltd (CIL) has reported lower profits for the six straight quarters.

 

In the Q2 period ended September 17, CIL reported nearly 40 per cent fall in its consolidated net profit to Rs 368.88 crore compared to Rs 612.44 crore in the corresponding quarter last fiscal, the company said in a stock exchange filing on Saurday.

 

Its net sales from operations for the quarter stood at Rs 17748 crore compared to Rs 16788 crore, in the year-ago, it said.

 

The miner could sell lower coal through e-auction route which contributed negatively to its profit.

 

In the quarter e-auction sales were 23.2 million tonnes down from 27.27 million tonne coal sold in the previous quarter (Q1).

 

Change in inventory, stock in trade jumped more than double to Rs 1628.89 crore during the quarter under review up from Rs 716.85 crore in the corresponding period of last year.

The miner produced 113.04 million tonnes (MT) of coal in the July-September quarter of the current fiscal, as against 104.37 mt in the year-ago period.

 

Source: Money Control