Largest coal miner Coal India (CIL) on Wednesday reported close to 9 percent rise in consolidated net profit for the third quarter ended December 2012 at Rs 4,395 crore on the back of higher coal sales.
Kolkata: Largest coal miner Coal India (CIL) on Wednesday reported close to 9 percent rise in consolidated net profit for the third quarter ended December 2012 at Rs 4,395 crore on the back of higher coal sales.
The company's net profit was at Rs 4,037 crore in the corresponding period of the last fiscal, CIL Chairman S Narsing Rao said.
The consolidated net sales from operations of CIL for the period stood at at Rs 17,325.04 crore, registering an increase of close to 12.8 percent over the year-ago period, it said.
CIL's net sales in the October-December period was at Rs 15,349 crore, it added.
The total expenses of the company during the period also went up to Rs 13,457 crore on account of higher expenses on employee benefits and others expenditure.
Wage bill rise was due to normal annual wage revision of employees and dearness adjustment which comes to 15 percent rise, Rao said.
The total production of the company during the quarter stood at 117 million tonnes (MT), registering an increase of 2 percent over the year-ago period.
Coal offtake during the period also went up to 120 MT, as against 110 MT in the corresponding quarter of the previous year.
The coal PSU produced 114.6 MT in October-November period of last fiscal.
Rao said third quarter faced a decline in e-auction coal sales to 10.48 million tonne down 8.7 percent from the corresponding period last year sale of 11.48 million tonne.
In the nine month period in 2012-13 the decline was 5.34 percent to 34.24 million tonne.
However, the realisation was higher at Rs 2,647 per tonne during the current fiscal compared to realisation of Rs 2,497 per tonne from e-auction coal sale in the corresponding nine months of 2011-12.