Coal India March quarter net profit drops by 38% to Rs 2,716 cr

Kolkata/New Delhi: State-owned Coal India today reported 38 percent decline in consolidated net profit at Rs 2,716 crore for the quarter ended on March 31, 2017, due to higher expenses. Coal India Ltd (CIL) had posted a consolidated net profit of Rs 4,398 crore in the corresponding quarter of previous fiscal. The consolidated income of the company increased to Rs 26,635.9 crore in the last quarter of FY2016-17, from Rs 24,583.8 crore in the January-March quarter of 2015-16, the PSU said in a filing to the BSE. The consolidated sales (net of other levies but including excise duty) increased to Rs 24,032.5 crore in January-March, over Rs 22,141 crore in the year-ago period. Total expenses increased to Rs 22,357.5 crore in the last quarter of 2016-17, over Rs 18,173.8 crore in the January-March quarter of 2015-16. [caption id=“attachment_3406146” align=“alignleft” width=“380”]  Representational image. Reuters[/caption] “During the quarter/year ended March 31, 2017 the company has declared and paid two interim dividends…amounting to Rs 12,352.76 crore,” it said adding that the board decided to recommend such interim dividend already paid as final dividend and no additional dividend has been recommended for 2016-17. The company’s output during January-March quarter increased to 176.37 million tonnes, from 165.24 MT in the same period of 2015-16. The company’s offtake for the quarter ended March 31, 2017, was higher at 151.5 MT compared to 145 MT in the same quarter of 2015-16. On standalone basis, the company’s profit decreased to Rs 13,438 crore in January-March 2017, over Rs 14,188.6 crore in the same quarter of 2015-16. CIL’s standalone income dropped to Rs 13,485.2 crore over Rs 14,251 crore in the year-ago period. Shares of the company closed at Rs 267.65 apiece on BSE, down 0.26 percent from the previous close. Coal India which accounts for over 80 percent of domestic coal production is eyeing one billion tonnes of output by 2020. The miner has reported the Q4 results as per the new accounting standards and FY16’ Q4 figures are restated. The miner informed the bourses that its employees benefit cost was at Rs 9,229 crore during the quarter, sharply higher from Rs 7,843 crore registered in the corresponding quarter of FY2015-16. CIL provisions jumped to Rs 1,238 crore which is mainly on account of grade slippages during the quarter as against Rs 291 crore in the same quarter of FY2015-16.