Coal India net profit up 7.8%

Coal India net profit up 7.8%

Coal India Limited (CIL) reported 7.8 per cent rise in consolidated net profit at Rs 4,469 crore in the first quarter ended June 30, 2012 on the back of higher sales and e-auction realisation, compared to Rs 4,144 crore in the corresponding quarter last year.

Net sales for the quarter increased by 13.8 per cent at Rs 16,500 crore, compared to Rs 14,499 crore. “Higher sales were on account of conversion to GCV (gross calorific value), higher offtake worth Rs 838 crore and higher realisation from e-auction prices of Rs 412 crore,” Rao said.

He attributed the  modest growth in net profit to the wage agreement that spiked employee costs by Rs 1,200 during the quarter under review and added the overall impact this year will be Rs 5,000 crore. CIL's expenses rose significantly to Rs 12,221 crore over Rs 10,113 crore in the same quarter of the previous fiscal.

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