Coal India (CIL) fell 2.82% to Rs 122.35 after the state-run coal major's consolidated net profit dropped 16.2% to Rs 2,951.60 crore on 2.6% increase in net sales to Rs 19,484.15 crore in Q2 September 2020 over Q2 September 2019.
On a consolidated basis, profit before tax (PBT) declined 5.1% to Rs 4,060.79 crore in Q2 September 2020 as against Rs 4,277.15 crore in Q2 September 2019. Current tax expense for the quarter soared to Rs 1,168.30 crore as against Rs 75.65 crore paid in Q1 September 2019. The Q2 result was declared after trading hours yesterday, 11 November 2020.
Consolidated coal production (raw coal) jumped 10.56% to 114.98 million tonnes (MT) in Q2 FY21 as against 103.99 million tonnes (MT) in Q2 FY20. Offtake (raw coal) soared 9.40% to 133.96 MT in Q2 FY21 as against 122.44 MT in Q2 FY20.
The company sold 134.08 MT of coal worth Rs 19,484.15 crore in Q2 September 2020. The average realization stood at Rs 1,453.21 per tonne.
The board approved an interim dividend for the FY21 at Rs 7.50 per share. The record date is set at 20 November 2020.
Meanwhile, the company said it incorporated a joint venture company with NLC India by the name of 'Coal Lignite Urja Vikas' on 10 November 2020.
CIL is a coal mining company, which is engaged in the production and sale of coal. As of 30 September 2020, the Government of India held 66.13% stake in the company.
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