Coal India shares dip 2% after disappointing Q1FY17 numbers

The shares of Coal India dropped 2% after the company reported 15% decline in its net profit for the quarter ended on June 30. 

At 1141 hours the shares of the company were trading at Rs 324.10 per piece, down 2%, or Rs 6.60 on BSE.

On Tuesday, the state-owned company saw it's consolidated net profit of Rs 3065.28 crore, declining by 14.78% from Rs 3596.93 crore in the similar period of the previous year.

While operating profit (EBITDA – earnings before interest tax depreciation and amortization) was at Rs 4254.83 crore, recording decline of 12% year-on-year (yoy). It's operating profit margin was at 23.09%, contracting by 168 basis points yoy.

On standalone front, Coal India's performance was majorily disappointing. It reported standalone net profit of Rs 3.68 crore, declining by 99.24% against Rs 487.10 crore a year ago same period.