Coal India Registers 38% Fall in Profits

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State owned mining major, Coal India registered 38 percent fall in net profit for the fourth quarter ended March at Rs 2,716 crore caused by lacklustre power demand, falling realisations from e-auctions and efforts to keep prices below international levels.

The company had posted a profit of Rs 4,398 crore in the same period of last year.

For the full fiscal 2016-17, the company’s net profit fell 35 percent to Rs 9,266 crore, from Rs 14,268 crore in the previous fiscal.

Coal India’s revenue from operations in the quarter, however, increased by 8.6 percent to Rs 24,780 crore, from Rs 22,813 crore in the same period a year ago.

During the quarter in consideration, provisioning of Rs 1,239 crore increased total expenses by 23 percent to Rs 22,358 crore, Coal India said in a stock exchange filing.

Revenue during the year reamined static at Rs 83,808 crore, while expenses rose 10 percent to Rs 74,890 crore.

During the fiscal, the state miner offered 94.23 million tonnes of coal for e-auction as against 56.31 mt during 2015-16.

Net realisation per tonne of coal during the year declined from Rs 1,858 to Rs 1,536.

Coal India stock closed on Monday at Rs 267.65 a share, down 0.26 percent, or by 70 paise, over its previous close on the BSE.

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