State-run Coal India Ltd (CIL) has posted a 54% rise in net profit to Rs 4037.8 crore for the third quarter of the current financial year ended on December 31, against Rs 2621.6 crore for the same quarter in 2010-11.
The Kolkata-based Maharatna company’s net sales for the period under review also saw a 21% rise to Rs 15349.3 crore, as compared to Rs 12686.7 crore during the third quarter of the financial year 2010-11.
Meanwhile, the firm’s production saw hardly any increase to 114.62 million tonne during the third quarter ended on December 2011 against 113.77 MT during the third quarter of the last fiscal. At the same time coal offtake saw a minor dip to 110.27 MT during the quarter, against 110.42 MT during the same period of the previous financial year.
The firm has informed the Bombay Stock Exchange that the impact of the National Coal Wage Agreement (NCWA) IX finalised on January this year, which is effective from July 1 2011, shall be considered in fourth quarter and provision for such for such wage increase has also been considered in the second and third quarter accounts.
NCWA IX covers the two public sector coal firms— CIL and Singareni Collieries Company Ltd (SCCL). The pact signed with trade Unions saw a 25% rise in wages, which put an additional burden of Rs 6,500 crore on the firm.
CIL's scrip at BSE was trading at Rs 336, a gain of 1.54% from the previous close.
