Kolkata, May 29 (IANS) Coal India Ltd. (CIL) on Sunday reported a marginal rise of 0.22 percent in its consolidated net profit at Rs. 4,247.93 crore for the fourth quarter that ended on March 31 as compared to Rs.4,238.55 crore in the year before.
The firm will increase its coal prices by 6.29 percent over the current level from May 30. The revision is applicable to all its subsidiaries for regulated and non-regulated sectors, the CIL said on Sunday.
"Due to this revision, CIL will earn approx. additional revenue of Rs.3,234 crore for the balance period of financial year 2016-17," the company said in a regulatory filing at the BSE.
It said the board has also approved the differential price for non-regulated sector at a reduced rate of 20 percent over the price of regulated sector for G6 to G17 grades of coal for all subsidiaries of it.
Net sales for the quarter fell slightly by 0.07 percent at Rs.20,759.45 crore as against Rs.20,774.22 crore in the corresponding period last year.
Miner's total income from operation in the March quarter stood at Rs.21,402.75 crore as against Rs.21,339.55 crore in the corresponding quarter last year.
The miner posted a net profit of Rs.14,274.33 crore in 2015-16, up 3.9 percent from Rs.13,726.70 crore in 2014-15.
In the January-March quarter, it produced 165.24 million tonnes (mt) of coal as compared to 151.86 mt in the corresponding period last year. Its off-take in the quarter under review stood at 145.22 mt as against 134.72 mt.
In view of increased domestic coal production, the government decided to reduce coal imports in 2016-17, thus saving an amount of Rs.40,000 crore from last year's target of Rs.28,000 crore.
At the beginning of the current fiscal (2016-17), coal stock of the company stood at 57.67 mt.
Coal stock increased during the last fiscal (2015-16) due to regulated lifting by power utility sector.
In 2015-16, the miner produced 536.51 mt of coal against a target of 550 mt and its off-take stood at 532.26.
The miner has set a production target of 598.60 million tonnes in the current fiscal. For FY17, the target of off-take of CIL was set at 598.61 mt.
It produced 40.09 mt of coal in April as against the target of 44.48 mt, achieving 90 percent of the target set for the month.
CIL's off-take also fell by 2.5 percent in the April as compared to corresponding month last year, at 42.45 mt against the target of 51.46 mt.
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