Coal India’s net profit falls about 40% in Q2

Kolkata, Nov 11 (IANS) Coal India Ltd (CIL) on Saturday reported close to a 40 per cent fall in its consolidated net profit to Rs 368.88 crore in the quarter ended September 30, 2017 as compared to Rs 612.44 crore in the corresponding quarter last fiscal.

Its net revenue from operations for the quarter stood at Rs 18,148.31 crore, up 4.19 percent from Rs 17,418.43 crore in the year-ago period.

The miner produced 113.04 million tonnes (mt) of coal in the July-September quarter of the current fiscal, as against 104.37 mt in the year-ago period.

CIL’s off-take stood at 131.58 mt in the quarter ended September 30, 2017, as compared to 115.87 mt in the same period last financial year, it said in a BSE filing.

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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