Coal India Q1 Results: Profit Misses Estimates On Lower Sales And Other Income
Coal India Ltd.’s quarterly profit declined, missing estimates, as sales and other income fell.
Net profit fell 31% sequentially to Rs 3,169.8 crore in the quarter ended June, the world’s largest coal miner said in an exchange filing. That compares with the Rs 3,973-crore consensus estimate of analysts tracked by Bloomberg.
Q1 FY22 Highlights (QoQ)
Revenue fell 5.3% to Rs 25,282 crore, against the estimated Rs 25,658.8 crore.
Operating profit fell 24.1% to Rs 4,843.89 crore.
Margin narrowed to 19.2% from 23.9%.
Other income fell 46.5% to Rs 680.1 crore.
The state-owned miner’s power expenses remained stable at 2.4%, while contractual costs fell to 15% of revenue from 18% in the preceding three months. Employee benefit expenses, however, rose to 41% of revenue from 39.9% as of March.
Coal India reported raw sales volume of 160.4 million tonnes in the first quarter compared with 164.8 million tonnes in the previous three months.
Its total average realisation was down 2.2% sequentially to Rs 1,450.8 a tonne.
Fuel supply agreement realisation remained flat at Rs 1,394 a tonne.
E-auction realisations were down 10.4% quarter-on-quarter at Rs 1,569.
The decline in realisation, according to Antique Stock Broking, could be because of a different mix of coal, lower impact of performance incentives; and lesser penalties.
Shares of Coal India closed 0.73% lower before the results were announced compared with a 0.13% gain in the benchmark Nifty 50.