Coal news and updates

Coal India’s Q4 net profit down 18.09%

May 29: Coal India Limited (CIL), the world’s largest coal miner, reported an 18.09% drop in its net profit to Rs 4,434.18 crore during the fourth quarter (January-March) of the fiscal ending March 31, 2014, compared to Rs 5,413.91 crore recorded in the same quarter of the previous fiscal, the company said in a filing to the BSE.

Net sales of the company during the quarter under review remained almost flat at Rs 19,997.98 crore, compared to Rs 19,904.57 crore recorded in the fourth quarter of 2012-13.

On a quarter-on-quarter basis, however, net profit rose 13.86% from Rs 3,894.09 crore in the October-December (third) quarter.

For the full fiscal of 2013-14, net profit dropped 12.93% to Rs 15,111.67 crore (Rs 17,356.36 crore). Net sales during the year remained almost flat at Rs 68,810.02 (Rs 68,302.74 crore).

During Q4, the company produced 143.22 mt of coal (143.30 mt in Q4 of 2012-13, but up 20.64% from 118.71 mt produced in the third quarter).

Off-take during the quarter was flat compared to the same period of last year. The company’s offtake during Q4 stood at 129.94 mt compared to 129.95 mt in the fourth quarter of 2012-13.

On a quarter-on-quarter basis, however, offtake increased 10.91% in the current quarter from 117.16 mt in the third quarter of 2013-14.

The following table gives quarter-on-quarter and yearly performance of Coal India Limited in 2014 and 2013 (in Rs crore):