Coal India is trading 2% higher at Rs 393 after reporting 64% year-on-year (y-o-y) growth in consolidated net profit at Rs 4,144 crore for the first quarter ended June 2011, as compared to Rs 2,526 crore in the corresponding period last year.
Net sales grew by 27% to Rs 14,499 crore on y-o-y basis. The net profit to net sales ratio improved from 22% in the first quarter of 2010-11 to 28.5%.
“The profit growth is expected to be slower in the July-September quarter due to provisioning for anticipated wage hike," reports suggest.
A combined 50,000 shares have changed hands on the counter in opening deals.
