Coal India Shares Rally As Net Profits Beat Estimates

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Shares in Coal India jumped after the company's net profits beat estimates. The shares were last traded at Rs 293, a gain of more than 4 per cent in trade.

  Coal India Shares Rally As Net Profits Beat Estimates
Indian state-controlled coal mining major Coal India has reported a marginal rise in consolidated net profit at Rs 4,247.93 crore for the fourth quarter ended March 31, 2015-16.

It had posted net profit of Rs 4,238.55 crore in the corresponding quarter of financial year 2014-15, CIL said in a BSE filing.

The company's total income increased to Rs 21,402.75 crore in the fourth quarter of the last fiscal ended March 31, from Rs 21,339.55 crore in the year-ago period.

Production was up at 165.24 million tonne from 151.86 MT in the year-ago period.

For the entire fiscal 2015-16, Coal India's consolidated net profit was up 3.9 per cent at Rs 14,274.33 crore, while revenue increased by 5.2 per cent to Rs 78,010.12 crore.

On standalone basis, the company's net profit during the January-March quarter increased 44.8 per cent to Rs 13,950.12 crore, over Rs 9,629.23 crore in the year-ago period.

"The major income of CIL standalone financials is dividend received from subsidiaries," the company said in a filing to the stock exchanges.

Coal India shares have taken a beating in the last few months and only recently dropped to a 52-week low.

The stock has been under intense selling pressure in the past few quarters, following a constant drop in commodity prices.

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