Coal India's production volume in Q4FY20 grew by 10 percent YoY to 213.7 million tonnes
Country's largest coal mining company Coal India has reported consolidated profit of Rs 4,637.95 crore for January-March quarter 2020, falling sharply by 23 percent compared to Rs 6,025.38 crore in corresponding period last year.
Revenue from operations during the quarter came in at Rs 27,568.23 crore, down 3.6 percent to compared to same period previous fiscal, hit by nationwide lockdown for more than a week in March.
On the operating front, earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 18.3 percent year-on-year to Rs 6,728.8 crore and margin fell 440 basis points to 24.4 percent in quarter ended March 2020.
Earnings missed analysts' expectations, as profit was estimated at Rs 5,440 crore and EBITDA was expected at Rs 7,330 crore with margin at 27.2 percent for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Other income during the quarter increased 7.3 percent to Rs 1,913.18 crore compared to year-ago.
Profit during the full year (FY20) declined 4.3 percent to Rs 16,714.19 crore and revenue from operations fell 3.5 percent to Rs 96,080.34 crore, Coal India said in its BSE filing.
Coal India's production volume in Q4FY20 grew by 10 percent YoY to 213.7 million tonnes while off-take volume remained flat at 163.87 million tonnes. Growth in production volume is largely driven by cyclical nature of business in second half of FY20.
The stock corrected more than 33 percent during March quarter as well as year-to-date (2020) due to shutdown of coal mining during lockdown period and opening of coal mining sector for private sector.
In May this year, Finance Minister Nirmala Sitharaman allowed commercial mining of coal as a part of nearly Rs 21 lakh crore economic stimulus package.WEBINAR: Tune in on June 30 at 11am to find out how term insurance can provide risk protection during tough times. Register Now!
