Coal India fell as much as 2.8% to Rs 260, its lowest since March 21, 2014 after the company missed analyst estimates and posted a 38% fall in its consolidated net profit to Rs 2,716 crore for the March-quarter. The company had reported profit of Rs 4,398 crore in the corresponding quarter last year.
Even though the revenue from operations in the quarter increased by 8.6%, to Rs 24,780 cr, the miner was hurt by tepid power demand, falling realisations from e-auctions and rise in prices which resulted in the fall.
The company also informed the bourses that it’s employees benefit cost was at Rs 9,229 crore during the quarter, sharply higher from Rs7,843 crore (y-o-y) which pulled up total expenses by 23% to Rs 22,358 crore.
Coal production of the Kolkata-based company, which accounts for more than 80% of the country’s output, rose to 176.37 million tonnes in the fourth quarter from 165.24 million tonnes a year earlier.
The stock, today, posted the biggest percentage loss since March 14 and has been down 10.9% this year. On the BSE, 79,000 shares were traded on the counter so far as against the average daily volumes of 4.51 lakh shares in the past one quarter. The stock had hit a high and low of Rs 263.50 and Rs 260 respectively so far during the day.
At 10:37 am the scrip was down 1.9% to Rs 262 as compared to 0.02% fall in BSE Sensex.