Coal India profit drops 23 pc to Rs 4,625 cr in March quarter
NEW DELHI: State-owned CIL on Friday posted a 23.2 per cent decline in consolidated profit to Rs 4,625.16 crore for the quarter ended March, on the back of lower sales and higher expenses.
The company had posted a consolidated profit of Rs 6,026.47 crore in the year-ago period, Coal India Ltd (CIL) said in a filing to the BSE.
The filing said the figures are of profits "from continuing operations".
Its consolidated sales during the January-March 2020 quarter dropped to Rs 25,597.43 crore, against Rs 26,704.27 crore in the year-ago period.
The firm's consolidated expenses increased to Rs 22,033.90 crore, compared with Rs 21,471.78 crore in the corresponding quarter of 2018-19.
For the quarter ended March 2020, the company produced 213.71 million tonnes (MT) of coal, against 194.45 MT of coal produced in the January-March quarter of 2018-19.
CIL's coal offtake during the March 2020 quarter was almost flat at 163.87 MT, against 163.51 MT a year ago.
Coal India accounts for over 80 per cent of domestic coal output. The company is eyeing one billion tonnes of production by 2023-24.
Its shares closed at Rs 141.95 apiece on the BSE, up 0.82 per cent.