Coal India Q2 Results: Profit Falls 7.4% On Rising Expenses
Coal India Ltd.’s quarterly profit fell amid higher operating expenses and drop in revenue.
Net profit fell 7.4% sequentially to Rs 2,936.9 crore in the quarter ended September, the world’s largest coal miner said in an exchange filing. That compares with the Rs 3,048.1-crore consensus estimate of analysts tracked by Bloomberg.
Revenue fell 7.9% to Rs 23,291 crore, against the estimated Rs 23,751.4 crore. Top line contracted because of lower shipments, which is seasonal.
Operating profit fell 18.6% to Rs 3,942.3 crore. Analysts had estimated Rs 4,798.1 crore.
Power expenses as percentage of net sales rose to 3.3% from 2.6%.
Margin narrowed to 16.9% from 19.2%. The Bloomberg consensus estimate stood at 20.3%.
Other Highlights (QoQ)
Raw coal sales volume fell 8.1% to 147.4 million tonnes.
Total average realisation fell 0.2% to Rs 1,448 a tonne.
Fuel supply agreement realisation fell 0.9% to Rs 1,382 a tonne.