The 362 per cent jump was made possible due to sharp decline in the company's employees benefit cost and better realisation on sales and cost management
State-owned CIL Thursday posted an over four-fold rise in consolidated profit at Rs 6,024.2 crore for March 2019 quarter on the back of higher sales and lower expenses.
The company had posted a profit of Rs 1,302.6 crore in the year-ago period, Coal India (CIL) said in a filing to the BSE.
The 362 per cent jump was made possible due to sharp decline in the company's employees benefit cost and better realisation on sales and cost management.
Consolidated sales of the country's largest miner during the January-March quarter stood at Rs 26,704.2 crore, an increase of 7.9 per cent.
Total expenses during the quarter dropped to Rs 21,473.1 crore, over Rs 27,396.5 crore in the year-ago period.
Its profit for the entire 2018-19 fiscal increased to Rs 17,462.18 crore, over Rs 7,038.44 crore in the previous year.
For the full fiscal, consolidated sales rose to Rs 92,896.08 crore over Rs 82,487.93 crore.
For the year ended March 31, 2019, the company produced 606. 89 million tonnes of coal, over 567.37 MT produced a year ago, CIL said in a separate filing.
Employees benefit cost for the quarter was down by 35 per cent to Rs 10,700 crore as against Rs 16,651 crore.
"Better average realisation in both notified and e- auction sales coupled with operational cost control propelled the company to make its best ever financial performance," a company official said.
"Importantly, coal quality variance was under control and we have been able to arrest the grade slippage to a large extent," he said.
Average realisation per tonne of coal in FSA sales during FY'19 witnessed 8 per cent increase to Rs 1348 from that of Rs 1243 a tonne in 2017-18.
The overall average realisation per tonne of coal went up to Rs 1529 during 2018-19 compared to Rs 1398 in previous fiscal, the growth being 9 per cent.
The maharatna coal mining giant that accounts for over 80 per cent of the domestic coal output had produced 606.89 million tonne of coal during 2018-19.
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