SME Times News Bureau | 10 Nov, 2012
World's largest coal miner Coal India Limited (CIL) Friday announced an 18.92 percent increase in net profit to Rs.3,080 crore for the quarter ending Sep 30, 2012 from Rs.2,590 crore in the corresponding period a year ago.
The coal major registered about 11 percent increase in net sales during the period under review, from Rs.13,150 crore to Rs.14,570 crore.
The state-run company produced 89.09 million tonnes of coal in the second quarter of this fiscal compared to 80.30 million tonnes during the same period last fiscal.
"Higher volumes, slightly higher realisation in prices and higher receipt from interest income contributed to the higher net profit," Coal India Chairman S. Narsing Rao told reporters here after announcing the results.
The coal behemoth earned a net interest income of Rs.2,930 crore during the said quarter.
Coal offtake during July-September this year went up to 101.59 million tonnes as against 94.02 million tonnes during the same period last year.
Rao said the offtake target for the full fiscal was 470 million tonnes.