Business

Coal India Net Profit Rises By 61% To Rs 3,786 Crore For Q1FY2018

JAVED SAIFI | 0
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| August 12 , 2018 , 13:45 IST

After the increase in sales by 11.68 percent at 153.47 million tonnes and a surge in coal prices, Coal India has reported a massive 61 percent rise in net profit for the first quarter ended June 30, 2018, media reported on Saturday.

The net profit rises to Rs 3,786 crore from Rs 2,351 crore in the last fiscal year for the same period.

According to reports in media, e-auction prices rose by 13 percent to touch Rs 2,399 per tonne that significantly improved profitability in the coal industry.

A Coal India executive quoted by the Business Standard said, "Although e-auction isn’t a large revenue contributor, the premium from such auctions directly impacts the profitability of the company and it is on the rise."

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Consolidated revenue rose by 17.96 percent to Rs 24,260.87 crore in comparison to Rs 20,567.81 crore in the last fiscal year for the first quarter. Expenses remained higher at Rs 19,383.99 crore in comparison to Rs 17,837.17 crore a year ago.

EBITDA surged by 62.8 percent to Rs 5,732.5 crore for the first quarter compared to Rs 3,521 crore in the same quarter last year. Margin expanded by 520 basis points to 23.6 percent from 19.1 percent in the year-ago quarter.

On the production parameter, Coal production up by 15.15 percent during the quarter stood at 136.85 million tonnes.