Coal India net profit grows by 29% at Rs4,020 cr

Coal India net profit grows by 29% at Rs4,020 cr

New Delhi: State-run Coal India Tuesday reported a growth of 29.06% in its net profit at Rs4,020 crore during the April-September period this year.

The net profit of the company was Rs3,115 crore during the corresponding period of 2009-10.

Net sales of the company was at Rs22,525.53 crore, a rise of 16.9% for the first half of the current fiscal as against Rs19,269.52 crore recorded in the same period the previous fiscal, Coal India said in a filing to the Bombay Stock Exchange.

The Navratna company, which got listed on 4 November with a premium of 17%, has been looking to acquire coal mines abroad and has earmarked Rs6,000 crore for this purpose in the current fiscal.

At present, the company has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/Sinarma, for a possible partnership for their respective mines in Australia, Indonesia and the US.

Coal India scrip was trading at Rs321.20 on the Bombay Stock Exchange, which is 3.66% down from the previous close.