Coal India Q2 profits fall by 40% to Rs368.88 crore
Kolkata: Coal India Ltd (CIL) has reported lower profits for the six straight quarter. In the Q2 period ended 17 September, CIL reported nearly 40% fall in its consolidated net profit to Rs368.88 crore compared to Rs612.44 crore in the corresponding quarter last fiscal, the company said in a stock exchange filing on Saturday.
Its net sales from operations for the quarter stood at Rs17748 crore compared to Rs16788 crore, in the year-ago, it said. The miner could sell lower coal through e-auction route which contributed negatively on its profit.
In the quarter e-auction sales were 23.2 million tonne down from 27.27 million tonne coal sold in the previous quarter (Q1). Change in inventory, stock in trade jumped more than double to Rs1628.89 crore during the quarter under review up from Rs716.85 crore in the corresponding period of last year.
The miner produced 113.04 million tonnes (MT) of coal in the July-September quarter of the current fiscal, as against 104.37 mt in the year-ago period.
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