Coal India fourth quarter net profit down 52 per cent

4th June 2018

State-run miner Coal India Ltd (CIL) posted a 52 per cent drop in net profit for the quarter ended March 2018 at Rs 1,295.34 crore as compared to Rs 2,718.80 crore reported in the corresponding quarter previous fiscal year.

Total income of the company during the quarter, however, jumped 8.54 per cent to Rs 28,909 crore from Rs 26,633 crore recorded in the corresponding quarter in 2016-17.

For the full financial year ended March 2018, the company’s net profit dropped 24.35 per cent to Rs 7,020 crore as compared to Rs 9,279 crore recorded in the previous fiscal.

Total income of the company last financial year rose 2.91 per cent to Rs 91,926 crore from Rs 89,322 crore in 2016-17.

The company’s stock at the Bombay Stock Exchange (BSE) was today traded at Rs 282.20, down 0.97 per cent at 15:09 hours.

The employee benefits expense of Coal India was up 80 per cent at Rs 16653.86 crore for the quarter ended March 2018 as compared to Rs 9240.67 crore in the previous fiscal.

Employee benefit expenses towards pay revision of the executive employees for the quarter ended and year ended March 2018 includes a provision of Rs 646.87 crore and Rs 899.14 crore respectively.

The National Coal wage Agreement-X for revision of wages of non-executive employees due from July 2016 was finalized on October 2017. The wages for the quarter ended March 2017 and quarter ended March 2018 of non-executive employees were paid on revised basis. During FY 2017-18, an amount of Rs 2849.62 crore were provided out of which Rs 893.01 crore relates to the period July 2016 to March 2017.

Further employee benefit expenses for the quarter/ year ended March 2018 includes Rs 3784.37 crore towards increase in gratuity ceiling from Rs 10 lakh to Rs 20 lakh from March 2018 vide amendment in payment of Gratuity (Amendment) Act, 2018 and the notification issued thereafter.

Source: ET ENERGYWORLD