The company produced 136.85 million tonnes of coal during the April-June quarter. Photo: Bloomberg
New Delhi: Coal India Ltd (CIL) on Saturday posted a 61.07% jump in consolidated net profit to Rs 3,786.44 crore for the quarter ended 30 June 2018. The company had reported a net profit of Rs 2,350.78 crore in the same quarter last financial year. Net income rose 17% to Rs 25,470.86 crore during April-June, from Rs 21,774.42 crore in the year-ago period.
Expenses remained higher at Rs 19,383.99 crore, compared with Rs 17,837.17 crore. 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 now holds 78.32% equity in CIL.
Coal production stood at 136.85 million tonnes (MT) during the quarter, while offtake was 153.47 MT, the company said. CIL, which accounts for over 80 per cent of the domestic coal output, has set a production target of 630 MT for 2018-19.
The company recently said that there was an urgent need to revisit its one billion tonnes output programme following changes in the environmental paradigm and coal demand. The government had earlier set a target of 1 billion tonnes of coal output by 2019-20 for Coal India.