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Coal India, reported an over 23 per cent dip in net profit to Rs 2352 crore for the first quarter ending June 2017. The company reported a net profit of Rs 3065 crore in the corresponding quarter last year.
The profit was lower primarily on account of the thinner premium it commanded from e-auction. The average realisation per ton from e-auction was Rs 1586; closer to the over Rs 1400 per ton base price.
During the quarter, the company saw a near 5 per cent increase in total income to Rs 21,774 crore (Rs 20,827 crore).
The April to June period also saw Coal India report lower production and a higher off-take on a year-on-year basis indicating improvement in demand from the power sector and a dilution of pit-head stocks.
Production in Q1FY18 declined by around 6 per cent to 119 million ton; while off take saw a 3 per cent increase to 137.42 million ton.
The company stock closed at Rs 238.65, up by 1.19 per cent, at the BSE, on Monday.
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