Reaping the bonanza of the price hike effected in February-end this year, listed public sector undertaking (PSU) Coal India Ltd. reported a consolidated profit of Rs.6,737.03 crore in the first-half of 2011-12 against Rs.4,020.36 crore in the same period in 2010-11. Net sales were higher at Rs.27,647.16 crore against Rs.22,537.94 crore. The Maharatna company announced its second quarter results on Saturday. The net profit increased by over 50 per cent for the second consecutive quarter.
The net profit for the quarter stood at Rs.2,593.11 crore. Comparable figures are not available as prior to its listing in November 2010, the PSU did not compute results on a quarterly basis. Net sales for the quarter stood at Rs.13,148.08 crore.
The consolidated figures include the results of its subsidiaries as well as its overseas joint venture Coal India Africana Ltd.
Production of raw coal was lower during the April-September 2011 period compared to that of the same period in 2010-11 as the PSU lost production heavily due to rains and floods, Chairman N. C. Jha had said earlier.
Production during the first-half of the current fiscal was 176.62 million tonnes against 185.67 tonnes in the same period in 2010-11. Offtake during this period was, however, maintained at 199.98 million tonnes, a tad higher than the 199.94 million tonnes in the first-half of last fiscal. During the quarter, production stood at 80.3 million tonnes with an offtake of 93.73 million tonnes.
