Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
The Economic Times

Coal India Q4 profit zooms over 4-fold to Rs 6,024 crore as expenditure falls

Kolkata: Coal India reported a 3.6 times and 1.48 times rise in profit after tax during the quarter and the year ended March 31, 2019 respectively, on the back of improved realisation from coal sales, lesser outgo on account of employee benefit and improved operational cost control.

The world’s largest coal producer’s total income crossed Rs 1 lakh crore for the first time since inception 44 years ago. Total income for the year was Rs 1,05,420 crore against Rs 91,625 crore in the previous corresponding period. Gross sales for the year was Rs1,40,603 crores while net sales was Rs 92,896.08 crore for the year.

The company recorded a Rs 6,024.23 crore profit after tax for the January-March 2019 quarter, while PAT for 2018-19 was Rs 17,462.18 crore.

“Better average realization in both contracted sales and e-auction sales coupled with operational cost control propelled the company to its best ever financial performance. Coal quality variance was under control and we have been able to arrest the grade slippage to large extent,” the executive said.

“During 2017-18, Coal India had to spend almost Rs 5,000 crore on account on increased outgo for gratuity. Salaries for workers and executives were also raised during the same year. During 2018-19, we did not witness any such rise in expenses on account of employee benefits resulting in steep increase in profits,” the executive said.
Stay on top of business news with The Economic Times App. Download it Now!