Coal India reported a better than expected 54% rise in
consolidated net profits for the December quarter aided by higher realisations.
The consolidated net profits grew to Rs 4,037.7 crore for
the December quarter as against a net of Rs 2,621.5 crore in the corresponding
period last year.
The standalone net profit of Coal India grew by about 10
times to Rs 1,219.33 crore as against Rs 115.3 crore. The standalone income
also grew by close to four times to Rs 1,566 crore as against Rs 400.5 crore
for the same period.
The net sales for the quarter grew by 21% to Rs reach 15,349
crore as against Rs 12,687 crore in the corresponding last quarter.
Production during the quarter was also up by 0.7 per cent to
114.62 million tonnes as against 113.77 million tonnes in the corresponding
period last year.
Last month, Coal India buckled under pressure from the
Government and rolled back a price increase under the Gross Calorific Value
based mechanism effective January 1 after customers protested. The Company had
switched to the GCV based mechanism in line with the international norms and
had proposed a 12.5 per cent hike in prices. The new pricing is likely to be
reviewed early next financial year.
Source: The Business Line
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