Coal India reports marginal net profit growth in Q1

New Delhi/Kolkata : State miner Coal India Limited (CIL) Monday declared a marginal net profit growth with a stand-alone net profit of Rs.45,765.70 million for the quarter ended June 30, 2012 as compared to Rs.45,415.90 million for the like quarter the previous year.

The company’s total income has increased from Rs.48,508.80 million for the corresponding quarter of the previous fiscal to Rs.49,103.20 million for the quarter ended June 30, 2012.

The company’s consolidated results show net profit after taxes, minority interest and share of profit of associates of Rs.44,692.60 million for the quarter ended June 30, 2012 as compared to Rs.41,439.20 million for the like quarter of the previous year.

Consolidated total income has increased from Rs.160,657.10 million for the corresponding quarter of 2011-12 to Rs. 185,719.60 million for the quarter ended June 30, 2012.

Net sales of the Maharatna company saw a 13.80 percent rise to Rs 165 billion for the first quarter current fiscal from Rs 144.99 billion during same period last fiscal.

Production of the state-run coal miner registered a marginal 6.41 percent increase it its production during the period to 102.47 million tonnes, while its offtake witnessed a 6.39 percent rise to 113.04 million tonnes, against a target of 113.83 tonnes.

“In quantity terms there was no growth in the offtake as such for the first quarter this fiscal against the first quarter last fiscal. But in terms of realisation, there was Rs 411 crore rise due to price increase,” CIL Chairman S Narsing Rao told reporters in Kolkata.

Rao said due to heavy rains production as well as coal offtake in last week of July and until now in August have been affected.

He, however, said for the rest of the years CIL’s outlook on production and offtake would remain the same.

“464 million tonnes is our targets for the production and 470 million tonnes is the offtake target. We are confident to achieve the targets,” he added.

CIL’s coal production has increased from 361 million tonnes in 2006-07 to 436 million tonnes in 2011-12, the final year of the 12th Five Year Plan. Production is envisaged to reach 615 million tonnes in 2016-17.

The total volume of e-auction for the quarter stood at 13.48 million tonnes .

Minister of State for Coal Pratik Prakashbapu Patil said in parliament Monday that CIL has been supplying more than 90 percent of the targets fixed in the annual supply plan of the coal ministry.

CIL has been in focus for its production and offtake, especially in the wake of the worst blackout the country faced earlier this month.