Coal India’s profit jumped over 52 per cent in the June quarter. The net profit of the company stood at Rs 3170 crore. Net sales grew by about 37 percent to Rs 25282 crore.
Coal production increased to 12.39 million tonnes.
Coal India Q1 Results: Public sector company Coal India Limited’s consolidated net profit rose 52.4 percent to Rs 3,169.85 crore in the first quarter of the current financial year. The company’s profit has increased due to increase in operating income. With this, the company has earned a consolidated net profit of Rs 2,079.60 crore in the first quarter of the last financial year.
In a communication to the BSE, the company said that its consolidated operating income increased to Rs 25,282.15 crore during the quarter from Rs 18,486.77 crore in the same quarter a year ago. The company’s expenses rose to Rs 21,626.48 crore during the quarter ended June 30 in the current financial year as against Rs 16,470.64 crore in the corresponding quarter of the previous financial year. The public sector company’s coal production rose to 123.9 million tonnes during the quarter, from 1210 million tonnes in the same quarter a year ago.
80 percent of the country’s coal production
Similarly, the company’s offtake of crude coal increased to 160.4 million tonnes in the quarter under review, from 120.8 million tonnes in the same quarter a year ago. The share of Coal India in the country’s coal production is more than 80 percent. Coal India plans to invest Rs 1.22 lakh crore in coal extraction, exploration and clean coal technologies to achieve the coal production target of one billion tonnes by 2023-24.
Shares fall after results
After the results, the share of Coal India closed at Rs 142 with a fall of about 0.75 percent today. The 52-week high is Rs 165 and the low is Rs 109. The company’s market cap is Rs 87,634 crore. The government holds 66.13 percent stake in this company. The mutual fund has reduced its stake from 9.34 per cent to 9.27 per cent in this quarter. Number of mutual funds increased from 29 to 31. FIIs/FPIs have increased their stake from 6.50 per cent to 6.56 per cent.
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