Coal India net profit declines by 9.2 percent in 2014-15

Sarkaritel
By Sarkaritel May 29, 2015 09:53

Coal India net profit declines by 9.2 percent in 2014-15


Kolkata, May 28  Despite a rise in both the production of coal and its offtake during 2014-15, world’s largest miner Coal India Ltd (CIL) posted a 9.2 percent decline in its consolidated net profit for 2014-15.

The net profit, during the period under review stood at Rs. 13,726.70 crore compared to Rs. 15,111.67 crore in 2013-14.

The consolidated net income of the miner and its subsidiary units stood at Rs.74,120.07 crore – up by a moderate 5 percent against the total earnings of Rs.70,607.52 crore during 2013-14.

During the fiscal, the Maharatna company and its subsidiary units produced 494.24 million tonne (mt) of coal which is an increase of 6.9 percent compared to the production of 462.42 mt during 2013-14.

The offtake also rose by 3.8 percent during the periodfrom 471.58 mt to 489.38 mt.

On a standalone basis, the state-owned, Kolkata-headquartered firm posted a net income of Rs. 387.12 crore – up by an impressive 22 percent compared to Rs.317.34 crore during 2013-14.

Its dividend earnings and other income sources, however declined by over 12 percent in 2014-15 resulting in the company posting a 11.9 percent drop in its net profit – at Rs.13,383.39 crore during 2014-15 compared to Rs.15,008.54 crore during 2013-14.

Dividend from its subsidiaries and other income sources declined from Rs.16,086.76 crore in 2013-14 to Rs.14,143.40 crore in the recently-concluded fiscal.

The company, however was able to contain the declining profit in the fourth quarter of 2014-15 posting a decline of 4.4 percent in its consolidated net profit. It contained the same at Rs. 4,238.55 crore during the period compared to Rs.4,434.18 crore in the corresponding timeframe in 2014.

The net consolidated revenue, however, during the quarter declined by 3.7 percent although the company posted a strong standalone net profit at Rs.9,629.23 crore.

Although the coal offtake increased by 3.7 percent during this time, the coal production registered a sharp rise by 15.4 percent during Q4.

Sarkaritel
By Sarkaritel May 29, 2015 09:53