Coal India profit falls 55% in first quarter of 2020-21
Coal India’s net profit has come down 55.12 per cent in the first quarter of 2020-21 as the public sector miner’s sales took a hit during the period marked by the lockdown on account of Covid-19.
The consolidated profit for the quarter from continuing operations was Rs 2,077.51 crore against Rs 4,629.87 crore in the corresponding quarter previous year.
Revenue from operations during the quarter was Rs 18,486.77 crore against Rs 24,938.99 crore in the corresponding quarter of the previous year.
Coal India had produced 121.04 million tonnes (mt) during the April-June quarter against 136.94mt in the corresponding period a year ago. Offtake during the quarter was 120.42mt against 153.49mt in the year ago period.
The average realisation from the sale of coal through the fuel supply agreement route was Rs 1,359.50 per tonne, while 15.87mt of coal sold through e-auction was at an average realisation of Rs 1,598.14 per tonne. Realisation from both FSA and e-auction sales was down compared with the year-ago period.
The miner said that the Covid-19 pandemic has impacted its business adversely. There was less demand from the power sector as well as closure of many industries during the period in the non-regulated sector even though the company had a stock of 74.63mt at the start of the quarter.