The country's largest coal mining company, Coal India reported a 52.4 percent year-on-year rise in consolidated net profit to Rs 3,174 crore for the quarter ended June, which was below analysts’ expectations. Profit was estimated at Rs 3,805 crore on revenue of Rs 24,400 crore for the June quarter, according to the average estimates of analysts polled by CNBC. It was Rs 2,080 crore in the year-ago period. Consolidated revenue from operations increased 36.8 percent year-on-year to Rs 25,282.1 crore in Q1FY22, with offtake (raw coal) rising sharply by 32.8 percent YoY to 160.44 million tonnes. The company also saw a sharp rise in expenses during the quarter led by raw material costs. Coal India’s consolidated total expenses in the reported quarter jumped 31.3 percent on year to Rs 21,626.5 crore.
The state-owned coal mining firm produced 123.98 million tonnes of raw coal in Q1FY22, increasing compared to 121.04 million tonnes of production in the corresponding period last fiscal.
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