Mumbai: Coal India, the world's largest coal miner, met market expectations with an 8 per cent increase in quarterly profit, helped by strong sales and a pricing change this year that boosted margins.
The state-run miner reported April-to-June net profit rose to Rs 4,469 crore from Rs 4,144 crore a year earlier. Net sales gained 13.8 per cent to Rs 16,500 crore.
Analysts had forecast net profit of Rs 4,440 crore on net sales of Rs 16,650 crore, according to a Reuters poll of brokerages.
Shares in Coal India, valued at about nearly $40 billion, closed 0.3 per cent lower in a firm Mumbai market. The stock has gained nearly 16 per cent so far this year.
The state-run miner reported April-to-June net profit rose to Rs 4,469 crore from Rs 4,144 crore a year earlier. Net sales gained 13.8 per cent to Rs 16,500 crore.
Analysts had forecast net profit of Rs 4,440 crore on net sales of Rs 16,650 crore, according to a Reuters poll of brokerages.
Shares in Coal India, valued at about nearly $40 billion, closed 0.3 per cent lower in a firm Mumbai market. The stock has gained nearly 16 per cent so far this year.
