Coal India net profit down 15% in Q1

Coal India net profit down 15% in Q1

Kolkata, Sep 13 (IANS) Coal India Ltd (CIL) on Tuesday reported that its consolidated net profit dipped by 14.78 percent to Rs 3,065.26 crore in the quarter ended June 30, 2016 against Rs 3,596.92 crore in the corresponding quarter last year.

Its net sales for the quarter stood at Rs 17,796.05 crore, down 6.1 percent from Rs 18,955.75 crore in the year-ago period.

The state-run miner produced 125.67 million tonnes (mt) of coal in April-June quarter against a target of 132.43 mt, achieving 95 per cent of the production target for the quarter. However, its production grew by 3.5 percent in the period as compared to 121.35 mt produced in the corresponding period last year.

CIL’s off-take stood at 133.24 mt in the quarter ended June against a target of 149.88 mt. Its off-take grew by only 2.9 percent in the quarter as compared to off-take of 129.39 mt in the year ago period.

In 2015-16, the miner produced 536.51 million tonnes of coal against a target of 550 million tonnes and its off-take stood at 532.26 million tonnes.

In its latest annual report, the CIL said it would invest Rs 7,765 crore as capital expenditure and Rs 5,069 crore in various other projects in 2016-17.

The company envisaged production of 908.10 million tonnes in 2019-20 with a Compound Annual Growth Rate of 12.98 per cent with respect to 2014-15.

During 2016-17, the coal production target has been pegged at 598.61 million tonnes with an annualised growth of about 11.6 per cent. In 2017-18, coal production is expected to be 660.7 million tonnes with a growth of about 10.5 per cent.

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