Hit by increased expenses, Coal India Ltd (CIL) has recorded a 16 per cent fall in its consolidated net profit to Rs 3,262 crore for the December quarter. The net profit in the year-ago quarter was Rs 3,894 crore.
The net sales during the quarter under review stood at Rs 17,763 crore - a five per cent rise over Rs 16,928 crore in the year-ago period.
According to the company's filing to the BSE, expenses during the quarter were Rs 14,850 crore compared with Rs 13,266 crore in the year-ago period. Among the main contributors to the increase were employee-benefit expenses, contractual expenses and overburden-removal adjustments.
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The coal production rose to 131 million tonnes (mt) from 119 mt a year ago.
CIL shares closed at Rs 369 apiece on the BSE on Thursday, down by 0.8 per cent from the previous close, on a day the benchmark index was up by nearly one per cent.