Coal India Q1 profit up 61% at Rs 3,786 cr

Coal India Ltd (CIL) on Saturday posted 61.07% jump in consolidated net profit at Rs 3,786.44 crore for the June quarter of 2018-19 financial year.

It had reported a net profit of Rs 2,350.78 crore in the same quarter of 2017-18, the state-owned company said in a regulatory filing.

Net income rose 17% to Rs 25,470.86 crore from Rs 21,774.42 crore in the year-ago period.

Expenses remained higher at Rs 19,383.99 crore as against Rs 17,837.17 crore in April-June 2017.

During the reported quarter, the government divested 0.225% stake by way of placement of shares in 'Bharat 22-ETF'.

After the divestment, the Government of India holds 78.32% equity in CIL, it said. Coal production stood at 136.85 million tonne (MT) during the quarter, while offtake was 153.47 MT, it added.

CIL, which accounts for over 80% of the domestic coal output, has set a production target of 630 MT for 2018-19.