Millennium Post

Coal India powers its quarterly net profit to Rs 3,052.36 crore

Coal India Limited (CIL)  on Wednesday reported a marginal drop in consolidated net profit at Rs 3,052.36 crore for the July-September quarter as expenses rose.

The world’s largest coal miner posted a profit of Rs 3,078.08 crore in the second quarter a year earlier.
Net sales rose 5.75 per cent to Rs 15,411.49 crore from Rs 14,572.54 crore, Coal India said in a BSE filing.

Total expenses increased 8.38 per cent to Rs 13,112.45 crore. The bulk of the expenses were on employee benefits, on which the company spent Rs 6,974 crore. At present, the PSU has a staff strength of 3.6 lakh.

While contractual expenses went up to Rs 1,393.50 crore from Rs 1,091.74 crore, spending on welfare increased to Rs 171 crore from Rs 68 crore in the same period a year ago. Coal India’s production during the quarter was up 9.57 per cent at 97.6 million tonnes. Offtake was 109.12 million tonnes compared with 101.74 MT in corresponding quarter of the previous financial year.

The miner accounts for over 80 per cent of domestic coal production. Its output in the previous financial year was 452.5 million tonnes.

5% stake sale: road shows in three countries next week

NEW DELHI: The government will hold road shows in three countries next week ahead of its plan to sell a 5 per cent stake in Coal India Limited (CIL), the world’s largest producer of the commodity. ‘The road shows will take place next week in three countries - Singapore, Hong Kong, Australia,’ a source said.
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