Coal India Q2 net profit falls marginally to Rs 3,052 crore
New Delhi: Coal India Wednesday reported a marginal drop in consolidated net profit at Rs 3,052.36 crore for the July-September quarter as expenses rose.
The world's largest coal miner posted a profit of Rs 3,078.08 crore in the second quarter a year earlier.
Net sales rose 5.75 percent to Rs 15,411.49 crore from Rs 14,572.54 crore, Coal India said in a BSE filing.
Total expenses increased 8.38 percent to Rs 13,112.45 crore. The bulk of the expenses were on employee benefits, on which the company spent Rs 6,974 crore. At present, the PSU has a staff strength of 3.6 lakh.
While contractual expenses went up to Rs 1,393.50 crore from Rs 1,091.74 crore, spending on welfare increased to Rs 171 crore from Rs 68 crore in the same period a year ago.
Coal India's production during the quarter was up 9.57 percent at 97.6 million tonnes. Offtake was 109.12 million tonnes compared with 101.74 MT in corresponding quarter of the previous financial year.
The miner accounts for over 80 percent of domestic coal production. Its output in the previous financial year was 452.5 million tonnes.
Coal India shares closed at Rs 284.95 on the BSE, down 0.05 percent, before the earnings announcement.