Coal India’s Q2 net profit up 74 percent

November 12th, 2011 - 10:55 pm ICT by IANS  

Kolkata, Nov 12 (IANS) Maharatna company Coal India Limited Saturday reported a 74 percent rise in its net profit to Rs.2,593 crore in the second quarter ending Sep 30, from Rs.1,494 crore during the same period of 2010.

The company, which is the largest coal miner in the world, posted a profit before tax (PBT) growth of 43.9 percent at Rs.3,709 crore during the period under review from Rs.2,578 crore during the same period last year.

The company, however, registered 11.3 percent fall in total production to 80.31 million tonnes during the second quarter compared to 90.5 millon tonnes last year. CIL also posted a 5 percent drop in offtake during the quarter at 93.94 million tonnes from 98.89 million tonnes.

“Second quarter results have not been as good as the first quarters of this fiscal. Both total production and offtake saw a decline in the Q2 this fiscal compared to same period last fiscal due to rain,” said CIL chairman N C Jha here after announcing the results.

He, however, is hopeful that the third quarter result will be better and the production target of 39.79 million tonnes in November will be met.

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