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Coal India Q3 profit jumps 50% to Rs 4,566 crore on higher production

The company said its coal production for the first nine months of the ongoing fiscal increased to 412.44 million tonnes against 383.92 million tonnes in the year ago period.

Coal India Q3 profit jumps 50% to Rs 4,566 crore on higher production

State-owned coal mining company Coal India on Tuesday reported a 50.1 percent growth in its consolidated net profit at Rs 4,566.71 crore for the third quarter ended December 31, 2018, helped by higher coal production.

"The world's biggest coal miner had posted consolidated net profit of Rs 3,042.57 crore in the same quarter last year," Coal India said in a filing to the Bombay Stock Exchange.

Total revenue of the company rose by 15.38 per cent to Rs 25,045.83 crore as compared to Rs 21,707.04 crore in the same quarter a year ago.

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Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 55 per cent to Rs 6,788 crore during October-December, while the operating margin expanded 690 basis points to 27.1 percent.

The company said its coal production for the first nine months of the ongoing fiscal increased to 412.44 million tonnes against 383.92 million tonnes in the year ago period.

The board of the company in a meeting held on February 4 had approved a proposal for share buyback of fully paid equity shares of Rs 10 each not exceeding 4,46,80,850 equity shares at a price of Rs 235 per equity share, for Rs 1,050 crore.

"During the quarter ended December 31, the government further divested 3.19 per cent, 2.21 per cent and 0.01 per cent of total equity share capital equivalent to 33,59,97,714 number of equity shares by way of placement of shares in Bharat 22 ETF, CPSE ETF and OFS, respectively, and post such divestment, the Centre holds 72.91 per cent of equity share capital," Coal India said in the exchange filing.

Ahead of earnings announcement, shares of company closed trade at Rs 222.95 apiece, up 1.92 per cent, on the BSE.

Also Read: Eicher Motors CEO Siddhartha Lal named EY Entrepreneur of the year 2018

Edited by Chitranjan Kumar

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