Coal India Reports Eight-Fold Jump In Q2 Profit As Production Rises

Coal India's quarterly profit jumped more than eight-fold as the world's biggest coal miner produced more of the dry fuel, but profit fell slightly below analysts' expectations, its financial results showed on Monday.

Net profit climbed to Rs 3,085 crore ($423.2 million) in the second fiscal quarter ended September 30, from Rs 371 crore a year earlier, the Kolkata-based state-owned company said in a statement.

Twelve analysts on average had expected a profit of Rs 3,093 crore, according to IBES data from Refinitiv.

Coal India's revenue from operations surged 22.3 per cent to Rs 22,198 crore, while coal production rose 10.6 per cent to 25.65 crore tons.

Shares in Coal India closed 1.7 per cent lower at Rs 264 apiece on the NSE, whose benchmark index Nifty finished 1 per cent lower, ahead of the earnings announcement by the coal producer.

($1 = Rs 72.90)