Coal India Q3 Results: Profit Falls On Lower Realisations From E-Auctions, Higher Operating Costs
Coal India’s quarterly profit fell on the back of lower realisations from online auctions and higher operating expenses.
Coal India Ltd.’s quarterly profit fell on the back of lower realisations from online auctions and higher operating expenses.
Net profit fell 14.1 percent year-on-year to Rs 3,923.9 crore in the quarter ended December, the world’s largest coal miner said in an exchange filing. That compares with the Rs 4,332.1-crore consensus estimate of analysts tracked by Bloomberg.
That’s because e-auction volumes of the world’s largest coal miner fell 33 percent over the previous year to 9.84 million tonnes, the filing said. Realisation from the online auctions fell nearly 8 percent over the previous year to Rs 2,623 per tonne.
The miner’s power and employee costs rose 7 percent each to Rs 647.9 crore and Rs 9,839.3 crore, respectively, it said in the filing.
- Revenue fell 7.4 percent on an annual basis to Rs 23,190.5 crore against the Rs 22,926.49-crore forecast.
- Operating profit fell 26.8 percent year-on-year to Rs 4.968.5 crore.
- Operating margin narrowed to 21.4 percent from 27.1 percent a year ago.
Shares of Coal India closed 0.28 percent higher compared with a 0.58 percent gain by the S&P BSE Sensex.