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Coal India Ltd achieves 5% Q2 output rise to 102.42 mt

Coal India Ltd (CIL) on Saturday reported a 5 per cent production increase to 102.42 million tonnes (mt) in the second quarter of the current financial year compared to 97.6 million tones in the corresponding period of the previous fiscal. Offtake was 110.42 million tonnes compared with 109 million tonnes in the review period.

There was a 28 per cent fall in CIL’s consolidated net profit to Rs 2,192 crore in the second quarter of this fiscal due to higher expenses. The world’s largest coal miner had clocked a profit of Rs 3,052 crore in the same quarter previous year.

Its net profit took a beating as the company’s second quarter expenses rose by almost 8 per cent compared to the flat growth in sales in the review period. Total expenses increased to Rs 14,144 crore in the July-September quarter of this year from Rs 13,112 crore in the same period last year.
The bulk of the expenses were on employee benefits, on which the company spent Rs 7,286 crore.
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