Coal India net profit rises 37% to ₹ 3,170 crore in June quarter

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Coal India announced its April-June quarter results for the financial year 2021-22 reporting a net profit of ₹ 3,170 crore on a consolidated basis, compared to ₹ 2,079 crore in the corresponding period last year. The state-owned coal mining and refining company’s net profit increased 52 per cent year-on-year mostly driven by revenue and operating income.

Coal India’s revenue from operations in the first quarter of the current fiscal stood at ₹ 25,282 crore, compared to ₹ 18,486 crore in the same quarter last year, marking a growth of 36 per cent year-on-year.

The country’s largest coal mining firm produced 123.98 million tonnes of raw coal in the April-June quarter, compared to 121.04 million tonnes of production in the corresponding period last fiscal. The company’s sales in the June quarter stood at Rs 23, 293.65 crore, compared to ₹ 17,007.10 crore in the year-ago period, according to a regulatory filing by the company to the stock exchanges.

Coal India’s total expenses in the June quarter stood at Rs 21,626.48 crore, compared to ₹ 16,470.64 crore in the corresponding quarter last year, registering a rise of 31 per cent year-on-year. The sharp increase in expenses during the quarter was due to the cost of raw materials.

The company said in its statement that it will continue to closely monitor any material changes arising out of future economic conditions and the resultant impact on its business amid the COVID-19 pandemic.

On Tuesday, August 10, shares of Coal India settled 0.73 per cent lower at ₹ 142.25 apiece on the BSE. Coal India opened on the BSE at ₹ 144.15, inching to an intra day high of ₹ 144.25 and an intra day low of ₹ 140.85, throughout the trading session today.

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