Coal India Q1 net profit surges 64%

Maharatna firm Coal India Ltd onFriday reported a 64 per cent jump in the consolidated net profit at Rs 4,143crore for the first quarter ended June 30.

The company had posted a consolidated net profit of Rs 2,525crore in the April-June period of 2010, the company said in a filing to theBombay Stock Exchange (BSE).

Net sales of the public sector company in the first quarterof the current fiscal increased to Rs 14,499 crore from Rs 11,435 crore in thesame period in 2010-11, it said.

Coal production of CIL in the quarter ended June 30 wasmarginally up by 1 per cent to 96.30 million tonnes (MT) over 95.15 MT for thesame period last fiscal.

The offtake of coal during the quarter also increased to106.25 MT, over 101.05 MT in the corresponding period of FY11, the statementsaid.

CIL has fixed a target of 452 MT production for the currentfiscal.

"CIL...signed a MoU with its administrative ministry -Ministry of Coal - for its key performance areas for the fiscal 2011-12...CIL'stargeted production and coal offtake have been fixed at 452 MT and 454 MT,respectively," the state-owned company had said.

The mining giant missed its production target and produced431.325 MT of coal in the last fiscal due to green hurdles.

The world's largest coal miner had a production target of460.5 MT for 2010-11, which was revised to 440.2 MT.

Shares of Coal India settled at Rs 385.30 on theBSE, down 0.25 per cent from their previous close.