Coal India Q4 profit down 38% to Rs2,716 crore despite rise in sales
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Kolkata: World’s largest miner, Coal India Ltd (CIL), on Monday reported a sharp drop in its consolidated net profit in the fourth quarter period ending March 2017 to Rs2,716.09 crore, down by 38% over the corresponding period profit of Rs4,398.35 crore.
Profits dipped despite around 10% rise in coal sales to Rs24,032.54 crore during the quarter under review. The miner has reported the Q4 results as per the new accounting standards and fourth quarter figures for Financial Year 2015-16 are restated.
The miner informed the bourses that it’s employees benefit cost was at Rs9,229 crore during the quarter, sharply higher from Rs7,843 crore registered in the corresponding quarter of the previous fiscal. CIL provisions had jumped to Rs1,238 crore, which is mainly on account of grade slippages during the quarter as against Rs291 crore in the same quarter of Financial Year 2015-16. Coal production and dispatch during the quarter was at 176.37 million tonne and 151.54 million tonne.