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Coal India's Q4, FY'19 net profit surges on higher sales, lower expenses

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Coal India's Q4, FY'19 net profit surges on higher sales, lower expenses

Coal India Ltd.'s attributable net profit in the fourth quarter of its fiscal 2019 jumped to 60.24 billion Indian rupees from 13.03 billion rupees a year ago.

Revenue from operations in the quarter grew to 285.46 billion rupees from 265.48 billion rupees. The quarterly revenue includes sales of 267.04 billion rupees, up from 247.47 billion rupees in the prior-year quarter.

Total expenses dropped to 214.73 billion rupees from year-ago expenses of 273.97 billion rupees, according to a May 30 earnings release.

The company recorded a tax expense of 28.66 billion rupees for the quarter, compared to a gain of 1.38 billion rupees in the prior-year quarter.

Coal India produced 194.5 million tonnes of raw coal in the quarter, up from 183.5 Mt produced in the prior-year quarter.

Off-take in the quarter climbed to 163.5 Mt from 158.9 Mt in the prior-year quarter.

For full fiscal 2019, Coal India's net profit surged to 174.62 billion rupees from 70.38 billion rupees a year ago.

Revenue from operations jumped to 995.47 billion rupees from 866.50 billion rupees, as sales climbed to 928.96 billion rupees from 824.88 billion rupees.

Total expenses for the year declined to 782.95 billion rupees from 808.55 billion rupees.

Production of raw coal in the year increased to 606.9 Mt from 567.4 Mt, and off-take rose to 608.1 Mt from 580.3 Mt.

As of May 30, US$1 was equivalent to 69.83 Indian rupees.