Coal India profit jumps 14% to Rs 3,718 cr as sales tick up

The world's largest coal miner CIL today reported a 13.9 per cent increase in consolidated net profit at Rs 3,718 crore for the quarter to December on the back of higher sales.
Net profit came in at Rs 3,262.5 crore in the same quarter of the previous fiscal, Coal India (CIL) said in a filing to BSE.
Net sales during the reporting quarter stood at Rs 18,971.5 crore, an increase of 6.8 per cent yoy.
However, total expenses increased to Rs 15,407.5 crore, compared with Rs 14,850.1 crore in the corresponding quarter of 2014-15.
On a stand-alone basis, net profit (after taxes, minority interest and share of profit of associates) of the state-owned firm declined to Rs 672.6 crore as against Rs 695.8 crore in the year-ago period.

Total income from operations declined sharply to Rs 36.2 crore, from Rs 74.6 crore a year earlier.

The company further said a joint venture company -- Rashtriya Coal Gas Fertilizers Ltd -- was incorporated in November last year through an agreement among CIL, the Rashtriya Chemicals and Fertilizers Ltd, GAIL (India) Ltd and the Fertilizer Corporation of India.
"The JV company has an authorised share capital of Rs 50 crore, of which CIL shall hold 26 per cent," it said, adding that there had been no investment in the JV up to December 31.
Its output in April-December of the current fiscal went up to 373.5 million tonnes (mt), from 342.4 mt a year ago.

Coal India accounts for over 80 per cent of the domestic coal production.
(REOPENS DCM 91)
On the CIL's performance, the Coal Ministry, in a statement, said the PSU's coal supplies rose 10.7 per cent in the December quarter.
CIL as a whole supplied 137.90 million tonnes (mt) of coal in October-December.
"Interestingly, CIL continued its high-orbit growth in coal supplies for the nine months of April-December 2015, registering a 9.8 per cent growth year-on-year," it said.
"The company in recent times has stepped up co-ordination with the Railways in a bid to get more rakes, and this appears to have paid off in terms of increased supplies."

CIL has been able to maintain the supply growth trajectory despite slowdown in demand for the fuel from coal-fired power utilities, which account for around 77 per cent of its overall coal supplies.