Coal India shares down 2.5 pct on disappointing earnings

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Coal India yesterday reported a decline of 11.4 per cent in consolidated net profit to Rs 3,894.09 crore. Reuters Coal India yesterday reported a decline of 11.4 per cent in consolidated net profit to Rs 3,894.09 crore. Reuters
SummaryCoal India's stock fell 2.48 per cent to Rs 263.20 on the BSE.

Coal India's scrip today lost as much as 2.5 per cent in morning trade after the company reported a decline of 11.4 per cent in consolidated net profit for the quarter ended December 31, 2013.

The state-run firm's stock fell 2.48 per cent to Rs 263.20 on the BSE Sensex.

On the NSE, the scrip lost 2.44 per cent to Rs 263.30.

"Coal India's Q3 FY14 top-line was below our estimate, however, its bottom-line was slightly above our estimate," brokerage firm Angel Broking said in a report.

Coal India yesterday reported a decline of 11.4 per cent in consolidated net profit to Rs 3,894.09 crore in the December quarter on lower e-auction realisation and quantity.

The PSU had clocked a profit of Rs 4,395.11 crore in the corresponding quarter of the previous financial year.

Net sales during the October-December quarter declined 2.3 per cent to Rs 16,928.13 crore from Rs 17,325.04 crore in the year-ago period.

"Profit is lower due to low sales, increase in general cost, inflationary pressure and low realisation from e-auctions during the quarter," Coal India Chairman S Narsing Rao said yesterday in Kolkata.

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