Coal India Q1 consolidated Net down 16.5% to Rs 3,731 crore
New Delhi: State-run Coal India on Saturday reported a 16.5 percent dip in consolidated net profit at Rs 3,731 crore for the quarter ended June 30, 2013, mainly due to increased expenses and lower sales.
The company had registered a net profit of Rs 4,469 crore in the corresponding period of the last fiscal, Coal India (CIL) said in a filing with the BSE.
Net sales reduced to Rs 16,472.42 crore in the first quarter of the current fiscal as against Rs 16,500.59 crore in the corresponding period of previous fiscal.
Total expenses in the April-June quarter increased by 6.28 percent to Rs 12,990 crore, against Rs 12,221 crore in the corresponding period of 2012-13, it said.
While the company's contractual expenses went up to Rs 1,484 crore, its employee benefit expenses in the quarter under review increased to Rs 6,812.79 crore.
The coal major had spent Rs 6,387.83 crore on employee expenses front during the first quarter of FY 2013. At present, the PSU has a staff strength of 3.6 lakh.
The company's production during the quarter remained almost flat at 102.8 million tonnes (MT). It had recorded an output of 102.4 MT in the same period last fiscal.
CIL's offtake during the period increased to 115.3 MT, as against 113 MT in corresponding quarter of last financial year.
Coal India accounts for over 80 percent of the total domestic coal production. It had reported a production of 452.5 MT last fiscal.
Shares of the company closed at Rs 254.55 apiece at BSE on Friday, down 5.84 percent from the previous close.