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Posted on Feb 13, 09:31PM | IBNS
Kolkata, Feb 13 : Riding on strong sales, state-run miner Coal India Ltd posted a nearly 9 percent year-on-year increase in quarterly profit as per the financial results of the third quarters (Oct to Dec 2012) announced on Wednesday.
The company posted a profit figure rise to Rs 4,395 crore in the third quarter ended Dec 31, 2012 from Rs.4,037 crore for the corresponding period previous year.
The company's net sales rose 12.87 percent at Rs 17,325 crore from Rs 15,349.3 crore previous year same period.
The coal offtake for the quarterly period rose 9.23 percent year-on-year at 120.45 mts from 110.27 MT year-on-year, said Coal India Chairman and Managing Director (CMD) S Narsing Rao.
The offtake during the first nine months of the fiscal (April-Dec 2012) was 335.23 mts as against 310.25 mts previous year same period, an increase of 24.98 mts registering a growth of 8 percent.
Coal production went up to 117.37 mts from 114.62 mts.
"All this (profit) is on account of volume growth," Rao said, adding that he would not divulge any information of price increase but though there is a possibility no proposal is there at the moment.
He said the company has to grow close to 10 percent on the production front and 11.5 percent for off-take.
He said the total value realization for the nine months period is Rs 9064 crore at the average sales rate of Rs 2647 per ton.
The quarterly value realisation is Rs 3082.4 crore as against Rs 3274 last year. CIL's total cash reserve now is Rs 65325 crore.
CIL coal supply to power utilities of the country, which is the largest coal consuming sector, accounted for 75.3 percent of CIL's overall coal off-take during the quarter ending Dec 2012.
CIL has signed 55 Fuel Supply Agreements (FSAs) so far except with NTPC, Rao said.