IndiaCatalog.com
India News
Search Web Directory
News Home
Coal India Q3 net profit surges 50% to Rs 4,567 cr, beats Street estimates
Posted on 13th February 2019
Led by increased prices of coal amid lower provisioning for future expenses, Coal India posted a 50 per cent increase in its net profit at Rs 4,566.74 crore for the quarter ended December 31, 2018, beating Street estimates. The company's net income grew 12.58 per cent to Rs 23,385.43 crore, despite the firm offering lower quantity at e-auctions.

The net profit and net sales stood at Rs 3,042.91 crore and Rs 20,772.23 crore, respectively, in the third quarter (Q3) of the last financial year. Analysts were expecting the mining mammoth to post a profit of around Rs 4,060 crore.

"The profit is primarily led by higher coal prices which was effected last January and has been reflecting on the company's finances this fiscal year. Sales volume has also gone up which contributed to higher sales realisations and hence higher profit," a senior Coal India official said.

While sales volume shot up by 5.5 per cent during the first nine months of the ongoing financial year, Coal India's realisations from fuel supply agreements (FSA) — its core topline contributor — stood at Rs 1,334 per tonne. Despite lower e-auction volume, which stood at 14.65 million tonnes (mt), prices firmed up to touch Rs 2,847 a tonne — an increase of around 35 per cent on a year-on-year basis.

"Owing to higher number of FSAs, we were able to offer lower volume in the e-auctions but higher auction prices helped us maintain margins. Production also increased by 7.43 per cent to touch 412.44 mt," the company executive said.

E-auctions directly help the company post a higher profit margin as coal prices in this category of sales are at least 25 per cent higher than the notified price.

The world's largest coal miner was also able to strategically control its expenses although total expenses shot up by 5.54 per cent. Its finance costs went down by 38.07 per cent at Rs 61.96 crore while provisions stood at Rs 1.52 crore in the quarter under review as compared to the provisioning of Rs 183.70 crore in the year-ago period.

In a regulatory filing with the BSE, Coal India said that during the Q3 period of the current financial year, the government further divested 3.19 per cent, 2.21 per cent and 0.01 per cent of total equity share capital equivalent to 335,997,714 number of equity shares by way of placement of shares in Bharat-22 ETF, CPSE ETF and OFS, respectively, and post such divestment, the centre holds 72.91 per cent of equity share capital.

After declining over the past few months, the Coal India scrip closed at Rs 222.95 a piece, up by 1.92 per cent on the BSE ahead of the results made public. The BSE Sensex, on the other hand, closed at 36,153.62 registering a 0.66 per cent decline at the end of the day's trade.

Related Companies: Coal India Ltd   

Other Latest News
Gold prices steady at Rs 52,701 per 10 gram, silver rises to Rs 67,439 a kg
Posted on 14th August 2020
Gold prices on Friday was recorded at Rs 52,701 per 10 gram on subdued global cues and weaker dollar while silver prices rose to Rs 67,439 from Rs 66,256 per kg, according to Indian Bullion and Jewellers Association. The yellow metal has witnessed sharp volatility in the market as experts chart its direction after a massive slump from recent highs.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

Oil prices head for second weekly gain amid hopes for fuel demand recovery
Posted on 14th August 2020
Oil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide.

Brent crude was up 14 cents, or 0.3%, at $45.10 by 0043 GMT, heading for a gain of about 1.6% this week.

Hyderabad-based Biological E joins hands with J&J for Covid-19 vaccine
Posted on 14th August 2020
Hyderabad-based pharma company Biological E Limited (BE) has entered into an agreement with Janssen Pharmaceuticals for the development and manufacturing of Covid-19 drugs as well as Johnson &Johnson's (J&J) Covid-19 vaccine candidate.

The vaccine candidate is in phase 1/2a clinical trials.

Amazon enters online pharmacy space in India; to compete with Netmeds, 1mg
Posted on 14th August 2020
E-commerce giant Amazon has forayed into the online medicine segment and launched Amazon Pharmacy. The service has been started in areas with select pin codes in Bengaluru, while the company is learnt to be mulling scaling it up to other cities across India in the near future.

The service would allow customers to order prescription-based medication in addition to over-the-counter medicines, basic health devices and Ayurveda medication from certified sellers.

Bengaluru violence: 60 more including Congress corporator's husband arrested
Posted on 14th August 2020
A total of 60 more arrests have been made by the Bengaluru Police in connection with the violence that broke out in the city on August 11, taking the total number of arrests in the incident to 206. Among the new arrests is Kaleem Pasha, husband of Congress corporator from Nagwara ward Irshad Begum.

Pasha is said to have close political links with both the Congress party and SDPI.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Coal India Q3 net profit surges 50% to Rs 4,567 cr, beats Street estimates
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Coal India Q3 net profit surges 50% to Rs 4,567 cr, beats Street estimates

Most Read News

Gold prices at Rs 59,300 per 10 gm, silver jumps to Rs 74,210 a kg

Kerala plane crash: Air India praises Malappuram residents for saving lives

US President Trump follows India's footsteps with TikTok ban

Russia to start producing COVID-19 vaccine within 2 weeks

US election: China would love to have me lose to 'sleepy' Biden, says Trump

More India News

Photo Gallery

Jaguar XF(19 Images)Jaguar XF
Happy Ending(11 Images) Happy Ending
Tata Prima(11 Images)Tata Prima
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement