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Coal India Net Jumps 64% to
Aug 13, 2011
OUR BUREAU, Kolkata
Coal India Ltd on Friday reported quarterly net profit jumped 64% to
4143.92 crore despite a marginal rise in output as the state-run firm gained from an increase in prices since February this year. Total income for the period increased from
12516.85 crore during previous corresponding period to
16057.97 crore for the quarter under review – a 28% rise.
The company produced 96.3 million tonne of coal during the quarter, against 95.15 million tonne in the previous corresponding period. Offtake, however, increased to some extent to 106.25 million tonne in the first three months of the current financial, against 101.05 in the previous corresponding period. Increased offtake helped the company reduce it pithead stocks which was about 70 million tonne during the beginning of the current financial.
“Increase in offtake coupled with a hike in prices of certain grades of coal as well as for non-power sector helped the company achieve a substantial rise in net profit during the quarter despite a marginal rise in production,” a senior Coal India official said. The near-zero growth in production has been mainly due the Ministry of Forest and Environment’s (MoEF) stipulation that no expansion will be allowed in areas with Composite Environment Pollution Index greater than 70 till September 2011. The index mainly calculates toxic materials in air due to certain operation.
According to an earlier circular by the MoEF, expansions were barred in areas till March 2010, where CEPI was greater 70. This deadline was extended to September 2011 hitting coal production and forcing CIL to reduce its targets. “However, the coal ministry has entered into dialogues with the MoEF for sorting out the issues and we hope some of the projects which have come under the environment ministry’s scanner will be cleared in phases. A series of meets between both ministries have been fixed this month and we hope it will help us take up production for the projects,” the chairman said.
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