COAL India - First Cut - Microsec

COAL India Ltd - the world's largest producer of the fuel, posted a second-quarter profit that missed analyst estimates amid a drop in production. COAL India Ltd posted second-quarter net profit of Rs. 2593.11 crore or Rs.4.10 per share. Company's consolidated sales in July-September quarter stood at Rs 13148.08 crores.

Coal India, which produces nearly 80 percent of the coal in India, has been unable to meet growing power demand in Asia's third-largest economy from power and steel projects. On a half-yearly basis, its consolidated profit rose to Rs 6737.03 crores in April-September as compared with Rs 4020.36 crores a year earlier.

The miner plans to boost output by 4.8 percent to 452 million tonnes this fiscal year, according to an agreement signed with the government. Production in the second quarter was 80.3 million tonnes, while the volume of sales was 93.7 million tonnes. The company has said it may miss production targets this year because of delays in environmental clearances at some of its mines.

Source : Equity Bulls

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