State-run Coal India (CIL) has reported a 18.7% year-on-year growth in its net profit to Rs 3,078.08 crore for the second quarter ended September from Rs 2,593.11 crore during the corresponding period last fiscal. Net sales was up 10.83% y-o-y to R14, 572.59 crore against R13,148 crore during the corresponding period last fiscal.
Other income for the quarter grew 17.17% y-o-y to R2,092.85 crore against R1786.14 crore during the same quarter last fiscal.
CIL chairman S Narsing Rao said the other income mainly comprise interest income, which has added to the increase in net profit. Average sales realisation for the quarter was up 2.18% y-o-y to R1,406 per tonne from R1,376 per tonne during the same quarter last fiscal.
He said while overall average realisation from total coal sales during the quarter went up 12% y-o-y, cost of production went up 16% y-o-y. So increase in coal prices did not totally offset the increase in cost of production and so CIL lost additional profit on that count.
E?auction prices this quarter also came down by R153 per tonne to R2,282 from R2,435 per tonne it got during the same period in FY 12. Rao said e-auction prices for the quarter was down as a fall out of decrease in international coal prices. Besides CIL increased 20 million tonne supplies to its FSA holders, for which demand for e- auction coal was down.
Rao said CIL?s first six month?s performance in FY13 has been one of the best-ever half yearly performances with profit after tax growing 12.03% y-o-y to R7,547.34 crore from R6,737 crore during the corresponding period in FY12. Net sales grew 12.39% y-o-y to R31,073.13 crore for the period against R27,647.16 crore during the corresponding period last fiscal.
Interest income for the period was up 29% y-o-y to R2,930 crore and e-auction realisation was up 6.17% y-o-y to R6,111.22 crore. E-auction realisation for the first half in FY12 was R5,756 crore.
Rao said although average e- auction price per tonne in the second quarter was down, for the six months? period it was up by R101 per tonne to R2,432 a tonne. He said CIL continues to remain upbeat in its production and is confident of achieving 470 mt of offtake this fiscal.
CIL produced 89.09 mt in the second quarter of the current fiscal against 80.30 mt during the same period last fiscal. Production this quarter was up 10.9% y-o-y. For the half yearly period production was up 8.5% y-o-y to 191.54 mt.
