Coal India on Monday beat Street expectations and posted a 35 per cent increase in net profit at Rs 5,414 crore for the fourth quarter. Analysts had forecast net profit to come in at Rs 4,997 crore.
A look at how the mining behemoth surpassed Street guidance
- Employee expenses for the quarter came down to Rs 7,470 crore, compared to Rs 9,466 crore in the same quarter a year ago, which included additional provision of about Rs 2,300 crore.
- The world's largest coal miner had made a steep provision on account of wage increases during the same quarter last year, pushing up costs. However, the wage bill has been spread uniformly in the current fiscal year.
- The consolidated net sales for the quarter went up 2.5 per cent to Rs 19,904 crore from Rs 19,418 in the corresponding period last year.
- Income from operations rose to Rs 68,302 crore for the year ended March 31, 2013 from Rs 62,415 crore in the year ago-period.
- The miner produced 452.2 million tonnes (MT) of coal in FY'13 against 435.8 MT in FY'12.
- The company's offtake also went up to 465 MT in the year ended March 31, 2013 against 433 MT in the year-ago period.
(With inputs from agencies)