Coal India Q1-FY’14 net down 16.5% at Rs3,731 crore

State-run Coal India Ltd (CIL), the world's largest coal company, has reported Rs3,731 crore consolidated net profit for the April-June 2013-14 quarter, a 16.5 per cent decline from the Rs4,469 crore net profit reported in the previous year quarter.

The decline in profit has been due to a combination of increased expenses and lower sales, CIL said in filing with the Bombay Stock Exchange (BSE).

CIL's sales during the April-June 2013-14 quarter was also lower at Rs16,472.42 crore compared to sales revenue of Rs16,500.59 crore in the corresponding quarter of the previous financial year.

Coal production during the quarter also remained flat at 102.8 million tonnes (MT), little changed from the output of 102.4 million tonnes recorded in the same period last fiscal.

Offtake of coal during the quarter increased to 115.3 million tones from 113 million tonnes in the corresponding quarter of the previous financial year.

Total expenses of the company during the quarter increased by 6.28 per cent to Rs12,990 crore, against Rs12,221 crore in the corresponding period of 2012-13.

CIL said its contractual expenses rose to Rs1,484 crore during the quarter even as employee benefit expenses increased to Rs6,812.79 crore.

Coal India, which accounts for over 80 per cent of the total domestic coal production in India, had reported coal production of 452.5 million tonnes last fiscal.

The company currently employs around 3,60,000 peole across its group mines.