Coal India on Tuesday reported 14.78 per cent decline in consolidated net profit at Rs 3065.28 crore for the quarter ended June 30, 2016 against Rs 3596.93 crore in the same quarter last year. Consolidated total income from operations of the company also slipped by 5.62 per cent to Rs 18,421.87 crore for the quarter under review against Rs 19,518.08 crore in the same quarter last year.
During April- June period, total expenditure declined to Rs 14834.20 crore against Rs 15,320.81 crore in the same period last year.
On a standalone basis, the company reported a net profit of Rs 3.68 crore, down 99.24 per cent, against Rs 487.10 crore in the same quarter last fiscal. Standalone total income from operations declined by 38.63 per cent to Rs 23.16 crore for the quarter under review against Rs 37.74 crore in the corresponding quarter last year. Standalone total expenditure of the company stood at Rs 158.98 crore for the quarter under review against Rs 141.60 crore in the same quarter last year.
In the past one year, shares of Coal India underperformed benchmark indices and slipped 2.52 per cent to Rs 330.70 till September 12, whereas BSE Sensex jumped nearly 10 per cent during the same period.
Motilal Oswal in a research note on September 2 gave ‘Buy’ rating to Coal India shares with a target price of Rs 370.