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Coal India's net profit up by 12.94% in FY11
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| merisarkar news service May 26, 2011 |
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Selling more coal thru E-auction: NC Jha
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Coal India Limited (CIL), a Maharatna public sector undertaking, Wednesday announced that it has posted a profit after tax (PAT) of Rs.10,867.32 crore last fiscal compared to Rs.9,622.45 crore during FY10, registering an increase of 12.94 percent.
The company posted 17.89 percent growth in its profit before tax (PBT) to Rs.16,463.23 crore in FY11 from Rs.13,964.93 crore during the previous fiscal.
Net sales of CIL stood at Rs.50,233.59 crore during the last fiscal compared to Rs.44,615.25 crore during FY10, registering a growth of 12.59 percent.
Announcing the annual performance of the company, Chairman N.C. Jha said: "CIL closed the fiscal 2010-11 with a coal production of 431.32 million tonnes compared to 431.26 million tonnes achieved in the previous fiscal."
"Raw coal off-take during the period was 424.30 million tonnes, registering a marginal growth of two percent compared to 2009-10," he said.
He said coal dispatch to power utilities, the largest coal consuming sector in India, was around 304.24 million tonnes during the last fiscal against 298.03 million tonnes in the previous fiscal.
"We sold more coal through e-auction this fiscal. Sales revenue through e-auction was Rs. 8,891.13 crore," he said.
Jha said that cash balance of the company was currently Rs.43,000 crore. "As per the MoU for the fiscal FY12, CIL's targeted production and coal off-take have been fixed at 452 million tonnes and 454 million tonnes, respectively," he added.
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