Buoyed by operating profits, Coal India Q3 net up 14 percent

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Kolkata, Feb 11 (IANS) State miner Coal India Ltd (CIL) on Thursday posted a net profit increase of 14 percent in third quarter ended December 31, 2015 at Rs.3,718 crore on the back of strong operational performance as against Rs.3,262 crore in the same quarter last year.

CIL revenues declined 6.8 percent to Rs.18,971.5 crore in quarter under consideration compared to Rs.17,763 crore in same period a year ago, it said in a stock exchange filing.

With near-monopoly if coal production in the country, the miner’s operating profit, or EBITDA (earnings before interest, tax, depreciation and amortisation) in the October-December quarter surged 46.4 percent over the corresponding quarter last year, to Rs.5,092 crore, while margin expanded by 600 basis points to 25.6 percent.

Other income, however, declined 17 percent to Rs.1,354 crore during the quarter in question compared to Rs.1,634.4 crore in same quarter of the last fiscal.

CIL’s coal production increased 9.4 percent year-on-year to 143.96 million tonnes, while offtake rose 10.7 percent to 137.89 MT in the third quarter.

Coal India stock closed trade on Thursday, ahead of the results, at Rs.305.05 a share, 9 points, or 2.87 percent, lower than its previous close on the Bombay Stock Exchange (BSE).

–Indo-Asian News service

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