(FE)
Coal India on Thursday beat analyst estimates by reporting a whopping 362% year-on-year jump in its consolidated net profit to Rs 6,024.23 crore for the March quarter of FY19. For the entire year, the growth in profit was 148% to Rs 17,462.18 crore as against Rs 7,038.44 crore in the last fiscal.
This has been the highest-ever profit booked by CIL so far in its history of operation. It also reported the highest growth in profit after tax, profit before tax, gross and net sales. The profit mainly came on account of higher premium from e-auctions, which was as high as 92% of the notified price. However, auctions remained subdued due to higher FSA supplies.
According to a company statement, better average realisation in both FSA and e-auction sales, coupled with operational cost control, propelled the company to its best-ever financial performance. CIL kept quality variance under control and was been able to arrest grade slippage to a great extent.
