Coal India Q3 Results: Net profit dips 21% to Rs 3,085 crore, below Street estimates

MUMBAI: today reported a 21.4 per cent year-on-year fall in its consolidated net profit for the quarter ended December to Rs 3,085.4 crore. The coal miner’s consolidated revenues in the quarter, however, rose 2.1 per cent to Rs 23,686 crore.

Analysts had expected the company to report a consolidated net profit of Rs 4,014 crore for the quarter on a revenue of Rs 24,042 crore.

The coal miner’s other income in the quarter tanked 54 per cent on a year-on-year basis to Rs 648.59 crore, denting its bottomline performance. During the quarter, the company produced 156.8 million tonne of coal as against 147.50 million tonne in the year-ago quarter. The offtake in the quarter rose nearly 9 per cent on-year to 153.85 million tonne.

Coal India reported a 5 per cent year-on-year decline in staff cost for the quarter, whereas its contractual expenses rose 18.4 per cent in the quarter to Rs 4,351.5 crore. Overall, consolidated total expenses in the quarter rose 1.7 per cent to Rs 19,592.6 crore.

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