Coal India profit rises 22%
Coal India has posted a net profit of Rs 4,629.87 crore for the June quarter, a growth of 22.27 per cent, on the back of better realisation even as production and offtake volumes remained almost constant on an annual basis.
Revenue from operations during the quarter was Rs 24,938.99 crore compared with Rs 24,070.80 crore, a growth of 3.6 per cent.
The average realisation for the public sector miner during the quarter was Rs 1,515.5 per tonne against Rs 1,476 per tonne in the corresponding quarter previous year.
Coal India’s offtake during the quarter was 153.49 million tonnes against 153.47mt in the year ago period. The public sector miner offered higher quantity of washed coal during the quarter at 3.05mt compared to 2.55mt in previous year where average realisation per ton is more.
Production during the quarter was 136.94mt compared to 136.85mt in the corresponding quarter previous year.
Total expenses during the quarter at Rs 19,077.44 crore also was lowered compared with Rs 19,272.43 crore in the corresponding quarter previous year. This aided to the growth in bottomline.
Coal India plans to ramp up its production by 8.75 per cent in the current fiscal over 2018-19 when it produced 606.88mt. The aspirational production and offtake target is set at 660mt in 2019-20. A capital expenditure of Rs 10,000 crore has been set for the fiscal to support the growth.
ONGC profit declines
Oil and Natural Gas Corp (ONGC) on Tuesday reported a 3.9 per cent decline in net profit for June quarter as it faced a double whammy of falling oil prices and declining production.
Net profit stood at Rs 5,904 crore, 3.9 per cent lower than Rs 6,144 crore a year ago. Revenue fell 2.4 per cent to Rs 26,555 crore.