Coal India net soars
Calcutta: Coal India (CIL) has posted a 54 per cent year-on-year growth in net profit at Rs 4,037.76 crore for the quarter ended December 31, 2011 on the back of better price realisation and a hefty interest income from fixed deposits worth more than Rs 55,000 crore.
Coal offtake from various subsidiaries during the reporting quarter was a tad lower at 110.27 million tonnes (mt) compared with 110.42mt in the previous corresponding quarter.
A better price realisation in the third quarter of the current financial year helped net sales to grow 21 per cent year-on-year at Rs 15,349.28 crore.
The PSU had also increased prices of some coal grades from February last year.
Production and offtake of raw coal in the October-December quarter were higher at 114.62mt (80.32mt) and 110.27mt (93.73mt), respectively, compared with the July-September quarter of the current financial year.
However, production of raw coal in the first nine months of the current financial year declined marginally to 291.24mt from 299.45mt in the same period a year ago, though offtake remained almost flat at 310.25mt (310.37mt) during the period.
Given the trend, CIL is unlikely to surpass last year’s production of 431.32mt by a big margin.
CIL’s other income, that includes interest income from cash reserves of Rs 55,000 crore in bank fixed deposits, grew 48.39 per cent to Rs 1,855.87 crore in the quarter ended December from the previous corresponding quarter following a steep increase in interest rates last calendar year.
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