World's largest miner, Coal India today reported a sharp drop in consolidated net profit in the fourth quarter period ending March 17' to Rs 2716.09 crore, down by 38 per cent over the corresponding period profit of Rs 4398.35 crore.
Profits dipped despite around 10 per cent rise in coal sales to Rs 24,032.54 crore during the quarter under review.
The miner has reported the Q4 results as per the new accounting standards and FY16' Q4 figures are restated.
The miner informed the bourses that it's employees benefit cost was at Rs 9229 crore during the quarter, sharply higher from Rs 7843 crore registered in the corresponding quarter of FY16.'
CIL provisions had jumped to Rs 1238 crore which is mainly on account of grade slippages during the quarter as against Rs 291 crore in the same quarter of FY16'.
Coal production and despatch during the quarter was at 176.37 million tonne and 151.54 million tonne.
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