Coal India shares declined as much as 2.72 per cent in the early trade on Wednesday after the PSU on Tuesday registered 14.78 per cent fall in consolidated net profit at Rs 3,065.28 crore for the quarter ended June 30, 2016, on account of fall in sales. It had reported a consolidated net profit of Rs 3,596.93 crore in the same period a year ago. Consolidated net sales of Coal India slipped by 6.1 per cent to Rs 17,796.05 crore from Rs 18955.75 crore during the same period. Total expenditure of the company declined to Rs 14,834.20 crore in April-June quarter, from Rs 15,320.81 crore in the same quarter last fiscal.
At 10.12 am, shares of the company were trading 2.27 per cent down at Rs 323.20. The scrip opened the day at Rs 324 and has touched a high and low of Rs 327.55 and Rs 321.70, respectively, in trade so far. Later, the scrip ended 1.97 per cent down at Rs 324.20.
Coal India’s production during April-June period jumped by 3.56 per cent to 125.67 million tonnes as compared to 121.35 million tonne in the corresponding period last year.
On a standalone basis, net profit of the company slipped to Rs 3.68 crore for the quarter ended June 30, 2016 against Rs 487.10 crore in the year-ago period. Net sales plunged to Rs 22.84 crore in April-June period from Rs 37.22 crore in the same quarter last year.
Shares of Coal India underperformed benchmark indices in the past one year. The scrip slipped 2.52 per cent to Rs 330.70 on September 12 from Rs 339.25 on September 14 last year, whereas BSE Sensex jumped nearly 10 per cent during the same period.