Maharatna public sector company Coal India Ltd. has suffered a Rs.268.90 crore drop in its net profit for the first quarter ended June 30, 2015, compared to a year ago, even as its production rose during the period under review. Profits dropped 6.6 per cent mainly due to lower realisation from e-auctions, it was learnt.
Net sales from operations stood at Rs.18,955.80 crore during the quarter ended June 30, 2015 against Rs.17,799.50 crore the year-ago period and Rs.20,774.2 crore in the quarter ended March 31, 2015.
E-auction volume remained at around 16 million tonnes during the quarter, enquiries revealed.
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Net profit stood at Rs.3,764.34 crore in the quarter under review compared to Rs.4,033.22 crore a year ago. Expenses rose to Rs.15,131.4 crore in the period under review from Rs.14,036.9 crore, a year ago on the back of increased contractual expenses.
“We had to source out production leading to higher expenses,” a senior CIL official said. The company produced 121.4 million tonnes of coal during the first quarter against 108.3 million tonnes a year ago. The offtake too was higher at 129.4 million tonnes against 119.5 million tonnes in the same quarter of 2014-15.
Meanwhile, the government is planning another dose of divestment in the PSU saying that it intends to disinvest 10 per cent of the paid-up equity capital (63.16 crore shares of face value of Rs.10) out of its shareholding of 78.65 per cent, through ‘offer-for-sale of shares (OFS) by promoters.
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