Coal news and updates

CIL net down in Q2 despite rise in production, offtake

November 15: A nearly 10% increase in production and over 7% increase in off-take notwithstanding, Coal India Limited (CIL), the worlds' single largest coal producer, reported about a 1% fall in its second quarter (July-September) net profit compared to the corresponding quarter of the previous financial year, owing to a fall in realisations at the e-auctions and an increase in expenditure.

The company's production increased to 97.60 million tons during the second quarter of 2013-14 from 89.07 mt in the corresponding quarter of 2012-13 and off-take increased to 109.12 mt from 101.74 mt, but its net profit fell to Rs 3,052.36 crore this year from Rs 3,078.08 crore posted in the previous year.

Net sales during the second quarter of 2013-14 stood at Rs 15,411.49 crore, up from Rs 14,572.54 crore in Q2 of 2012-13, but down from Rs 16,472.42 crore in Q1 of 2013-14.

Total expenses during the quarter, however, rose to Rs 13,112.45 crore from Rs 12,098.05 crore in the second quarter of the previous financial year, which offset the increase in net sales.

For the first six months (April-September) of 2013-14, CIL's net profit stood at Rs 6,783.40 crore, down 10.12% compared to Rs 7,547.34 crore in the same period of 2012-13.

The following table provides the details of net sales, net profit, production, off-take (despatches) and expenses in 2013-14 and 2012-13: