Higher sales push Coal India Q4 net up 35%
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Powered by coal offtake of 7.12 million tonne, state-run Coal India (CIL) has registered nearly 35 per cent growth in consolidated net profit at Rs 5,413.9 crore in the last quarter of 2012-13 against Rs 4,013 crore in the same period of the previous financial year.
Announcing the results, CIL chairman S Narsing Rao on Monday attributed the rise in profits to higher sales amounting to a 5.8 per cent growth year-on-year.
However, the average realisation on per tonne of coal during the quarter slid to Rs 1,511 from Rs 1,530 a tonne a year ago, primarily due to decline in realisation from
e-auctions that stood at Rs 2,308 per tonne during the period from Rs 2,851 in the year-ago period.
The consolidated net profit of the miner for the year ended March 31, 2013, also went up to Rs 17,356 crore, up 17.37 per cent against Rs 14,788 crore in year-ago period.
Wary of global prices of premium coal dipping, the company is contemplating to review its prices as there had been poor response for its premium coal, a senior CIL official said.
While CIL's consolidated net sales during the quarter also went up to Rs 19,904 crore from Rs 19,418, its total expenses during the period was lower at Rs 14,225 crore from Rs 16,021 crore in the year-ago period. The company spent less on employee benefits that dropped to Rs 7,469 crore during the quarter from Rs 9,465 crore over corresponding period the previous year.
Shares of CIL closed at Rs 313.50 apiece on the BSE, up 1.01 per cent from their previous close.