State-controlled behemoth Coal India on Tuesday reported close to 15 per cent year-on-year fall in its consolidated net profit at Rs.3065.28 crore for the quarter ended June 30 as its net sales declined by over 6 per cent y-o-y.
The world’s largest coal miner had posted a net profit of Rs. 3596.93 crore in the same period a year ago. During the April-June period this year, production of the company witnessed a 3.5 per cent y-o-y growth at 125.67 million tonnes. Off-take during the period also soared to 133.24 million tonnes from 129.39 million tonnes in the corresponding period last year, registering nearly 3 per cent y-o-y growth.
Despite a growth in coal production and offtake, the Maharatna company’s net sales during the June quarter fell 6.12 per cent y-o-y to Rs. 17,796.05 crore from Rs. 18,955.75 crore in the same period a year ago, according to a stock exchange filing. Its total income from operation also decreased to Rs.18,421.87 crore in the first quarter of this fiscal from Rs. 19,518.08 crore in the year-ago period.
Other comprehensive income also declined to Rs. 64.66 crore in the period under review as against Rs. 198.96 crore in the year-ago period. According to the stock exchange filing of CIL, there was no dividend income during the quarter ended June 30, 2016, while it stood at Rs. 442.80 crore for the same quarter last year.
Profit for the ordinary activities before tax during the first quarter this fiscal decreased at Rs.4629.32 crore compared with Rs.5533.38 crore in the year-ago period. Total expenses of the company during the period witnessed over 3 per cent y-o-y fall at Rs. 14,834.20 crore.
CIL has earlier reported that it produced 32.43 million tonnes of coal in the month of August as against a target of 40.89 million tonnes and its production during the first five months of 2016-17 grew by only 1.3 per cent at 194.81 million tonnes. According to the provisional data, off-take in August was at 36.72 million tonnes as against a target of 44.51 million tonnes, achieving 83 per cent of the target. Off-take in the first five months of the current fiscal grew by a meagre 0.2 per cent at 211.38 million tonnes.