Coal India Q2 Net Up 16% at Rs 2,544 Crore

New Delhi: Coal India, the world's biggest miner of the dry fuel, on Friday posted a 16 per cent rise in consolidated net profit at Rs 2,543.80 crore for the fiscal second quarter that ended on September 30, on the back of higher sales.

The company had registered a net profit of Rs 2,192.38 crore for the corresponding quarter a year ago, it said in a filing to the BSE.

"The profit after tax (PAT) for the second quarter ended September 30, 2015 stood at Rs 2,543.80 crore as against Rs 2,192.38 crore for the same period last year registering a growth of around 16 per cent (YoY basis)," the state-owned firm said.

Consolidated net sales of the company were at Rs 16,957.59 crore in the quarter under review, registering a year-on-year increase of eight per cent.

The company's consolidated net sales in the corresponding quarter of the last fiscal were at Rs 15,677.98 crore.

"The increase in earnings is largely due to the higher production and offtake during the current period compared to the corresponding period in the previous year," it said.

Total expenses increased to Rs 15,067.87 crore as against Rs 14,144.73 crore a year ago.

Coal production during the second quarter of the current fiscal year was 108.20 million tonnes (MT) as against 102.42 MT for the second quarter of the previous year, the statement said.

"The offtake for the second quarter of 2015-16 was 121.99 MT (251.38 MT up to 30.09.2015) compared to 110.49 MT in second quarter of 2014-15 (230.09 MT up to 30.09.2014)," the statement added.

Sharesin Coal India, on Friday, ended 2.6 per cent higher at Rs 337.65 apiece on the BSE, whose benchmark Sensex index finished down 0.99 per cent.