Coal India (CIL) has reported a 3.99% year-on-year rise in its net profit to Rs 14,274.29 crore for 2015-16, compared with R13,726.61 crore in 2014-15. Although production jumped 9.01% Y-o-Y to 538.75 million tonne and offtake increased 9.22% Y-o-Y to 534.49 mt in FY16, the net profit was not commensurate with these figures.
The company reported a flat fourth quarter with profit after tax at R4,247.92 crore, against R4,238.54 crore during the year-ago period.
CIL’s total income from operation for the quarter remained flat at R21,402.75 crore, compared with R21,339.55 crore during the corresponding period of FY15. For FY16, income from operations grew 5.04% Y-o-Y to R75, 644.27 crore from R72,014.62 crore in FY15.
The operational profit for the quarter dipped more than 8% y-o-y to R4,839.19 crore from R5,2 66.83 crore during the same period last fiscal. For the year, the operational profit remained almost flat at R15,839.84 crore against R15,015.60 crore in FY15.
Profit before tax for the quarter fell 9% y-o-y to R6,328.67 crore from R6,991.44 crore during the same period a year ago. However, for the year, PBT remained flat at R21,589.09 crore, against R21, 583.92 crore last year.
Hikes prices by 6.3%
Coal India has announced a nearly 6.3% increase in coal prices and will earn an additional revenue of around R3,234 crore during the current fiscal 2016-17. The new price will be effective from May 30.