Coal news and updates

Coal India posts 14% increase in Q3 net profit

Coal India Ltd (CIL) reported a 13.96% increase in its third quarter (October-December) consolidated net profit on a year-on-year (y-o-y) basis and a 46.16% rise over the previous quarter (July-September) of 2015-16 (q-o-q).
 

The company said in a filing to stock exchanges that the net profit stood at Rs 3,718.25 crore in Q3 of FY16 as against Rs 3,262.49 crore in the same quarter of FY15 (y-o-y) and Rs 2,543.80 crore in Q2 of FY16 (q-o-q).
 

The growth in net profit was mainly attributed to higher production and increased sales through e-auction.
 

The income from operations stood at Rs 19,599.42 crore in Q3 of 2015, up 7.03% compared to Rs 18,310.46 crore in the corresponding quarter of the previous year.
 

As CIL booked healthy profits both in Q2 and Q3, the cumulative net profit for the first nine months (April–December) of FY16 stood at Rs 10,026.37 crore, up 5.67% as against Rs 9,488.07 crore achieved in the same period of FY15.
 

The cumulative income from operations also increased by 7.25% to Rs 56,607.37 crore during April-December of FY16 from Rs 52,780.52 crore in the same period of FY15.

CIL stressed on increasing its production in FY16. On a q-o-q basis, production grew by 9.33% to 143.91 mt in the December quarter of FY16 from 131.62 mt in the December quarter of FY15.

 Source: ICMW