Coal India Ltd (
CIL) on Wednesday reported a 12.93 per cent rise in its consolidated net profit to Rs 10,867 crore for the financial year ended 2010-11, on the backed of higher realisation from its 30 per cent sales at market driven price.
The
public sector firm had achieved a net profit of Rs 4,220.91 crore in the fourth quarter ended March 31.
"The net sales of the company for the year also increased to Rs 50,233 crore for the year ended March 31, a rise of 12.59 per cent compared to Rs 44,615 crore in 2009-10," acting Chairman N C Jha said.
"The overall result of the company has been very good. It could be attributed to various reasons like our stocks were sold very well," he said.
The Maharatna firm produced 431.32 million tonnes coal in 2010-11 which was almost same as the output registered by it in the previous financial year as the company could not take up projects due to restrictions by Ministry of Environment and Forests.
But the offtake improved to 424.50 million tonnes, up 2 per cent over the corresponding year. The production for the current financial year (2011-12) had been fixed at 454 million tonnes.
CIL Director (finance) A K Sinha said CIL's 30 per cent of coal which is sold at market driven price had generated almost Rs 6,000 crore over notified price or nearly 60 per cent of the total profit.
The PSU had reported
24.2 per cent rise in standalone net profit at Rs 4,696 crore for 2010-11 on account of increase in sales and dividend from subsidiary companies.
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