Coal India Q1 profit up 61 pc at Rs 3,786 cr

Coal India Ltd (CIL) today posted 61.07 per cent jump in consolidated net profit at Rs 3,786.44 crore for the June quarter of 2018-19 financial year. It had reported a net profit of Rs 2,350.78 crore in the same quarter of 2017-18, the state-owned company said in a regulatory filing.

Net income rose 17 per cent to Rs 25,470.86 crore from Rs 21,774.42 crore in the year-ago period. Expenses remained higher at Rs 19,383.99 crore as against Rs 17,837.17 crore in April-June 2017. During the reported quarter, the government divested 0.225 per cent stake by way of placement of shares in 'Bharat 22-ETF'. After the divestment, the Government of India holds 78.32 per cent equity in CIL, it said.

Coal production stood at 136.85 million tonne (MT) during the quarter, while offtake was 153.47 MT, it added. CIL, which accounts for over 80 per cent of the domestic coal output, has set a production target of 630 MT for 2018-19.