State-run Coal India Ltd (CIL) has posted a 54 per cent rise in net profit to Rs 4,038 crore for the third quarter of the current financial year ended on December 31, against Rs 2,626 crore for the same quarter in 2010-11.
The Kolkata-based Maharatna company’s net sales saw a 21 per cent rise to Rs 15,349 crore, as compared to Rs 12,687 crore last year.
The company's production saw hardly any increase. It stood at 114.6 million tonne (mt) during the quarter against 113.8 mt last year. At the same time coal offtake saw a minor dip to 110.3 mt during the quarter, against 110.42 mt last year.
“The profit for the quarter saw a rise due to the price rise that took place last February. Even e-auction profit was also on the higher side and the quarter had a positive impact on profits due to higher rate of interests for deposits,” said N C Jha, former chairman and managing director of CIL, who retired last month.