A sudden surge in demand has helped Coal India Ltd (CIL) get higher realisation from its sale of coal in the open market through auctions in the first half of the year.
Its realisation from e-auction was up at Rs 1,614 a tonne in the second quarter of this fiscal from Rs 1,348 per tonne a year ago, data revealed by CIL on Saturday evening said.
E-auction volumes rose to 23.3 million tonne from 19.1 million tonne.
However, realisation from sales made to power plants and others at notified price dropped from Rs 1,293 a tonne to Rs 1,224 a tonne.
Supplies to notified customers improved to 104.6 million tonne from 93 million tonne.
According to CIL chairman and managing director Gopal Singh, fall in energy generation from alternative and environment-friendly sources like hydel and nuclear has also pushed up the demand for coal, with thermal plants witnessing a fall in coal stocks.
Central Electricity Authority (CEA) data shows that nuclear power generation fell 25% to 2,671.45 megawatt in September as compared to the targeted 3,548 mw. Likewise, hydro power generation was 17.16% lower than projected.
But despite sales rising 5% to Rs 27,209 crore and revenue from operations increasing 4.19% to Rs 18,148.31 crore on the back of higher production at 113.04 million tonne against 104.37 mt a year ago, consolidated net profit dropped a whopping 40%.
The coal miner's profit during the second quarter shrunk to Rs 369 crore, way lower than Bloomberg consensus estimates of Rs 2,033.5 crore. A business-channel, based on analysts' poll, had even predicted a slightly higher bottomline of Rs 2,075 crore, a jump of 246% on what was described as a low base of Rs 612 crore of the previous year.
Profit dropped mainly on account of a jump in inventories by 2.3 times to a high 1,629 crore from a low 717 crore a year ago. Other income declined 56% to Rs 610.70 crore year on year.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Coal")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}