Coal India Q2 net up 16% on higher sales; shares close over 2% up

Coal India, the world's biggest coal miner, on Friday posted a 16% rise in consolidated net profit at Rs 2,543.80 crore for the quarter ended September 30 on the back of higher sales.

The shares of the company closed at Rs 337.65 a piece on the BSE on Friday, up 2.60% from the previous close.

The company's net profit in the corresponding quarter of the previous fiscal was Rs 2,192.38 crore, Coal India (CIL) said in a filing to BSE.

"The profit after tax (PAT) for the second quarter ended September 30, 2015 stood at Rs 2,543.80 crore as against Rs 2,192.38 crore for the same period last year registering a growth of around 16% (YoY basis)," the state-owned firm said.

The consolidated net sales of the company was at Rs 16,957.59 crore during the quarter, registering an increase of 8%.

The company's consolidated net sales in the corresponding quarter of the last fiscal was Rs 15,677.98 crore.

"The increase in earnings is largely due to the higher production and offtake during the current period compared to the corresponding period in the previous year," it said.

The total expenses of the PSU increased to Rs 15,067.87 crore, over Rs 14,144.73 crore in the year-ago period.

Coal production during the second quarter of the current fiscal was 108.20 million tonnes (MT) as against 102.42 MT for the second quarter of the previous year, the statement said.

"The offtake for the second quarter of 2015-16 was 121.99 MT (251.38 MT up to 30.09.2015) compared to 110.49 MT in second quarter of 2014-15 (230.09 MT up to 30.09.2014)," the statement added.