BUSINESS

Coal India net profit down 52%

Kolkata, May 29: Coal India on Tuesday reported a 52 per cent fall in its consolidated net profit to Rs 1,295.34 crore during the quarter ended March 31, 2018, as compared to Rs 2,718.8 crore in the year-ago period. Its revenue from operations during the quarter under review was at Rs 26,909.17 crore, up by 8.28 per cent from Rs 24,851.46 crore in the corresponding quarter of 2016-17. However, the miner said post applicability of Goods and Services tax (GST) from July 1, 2017, “revenue from operations are disclosed net of GST”. Accordingly, the revenue from operations and total expenses for the quarter are not comparable with the corresponding period of previous fiscal. The company’s total expenses during the March quarter stood at Rs 27,757.18 crore as against Rs 22,352.75 crore in the same quarter of previous fiscal. Its employee benefits expense increased sharply to Rs 16,653.86 crore in the fourth quarter of 2017-18 as compared with Rs 9,240.67 crore in the same period last year. Employee benefits expense for the quarter includes a provision of Rs 646.87 crore towards pay revision of the executive employees. The coal behemoth produced 183.45 million tonnes during January to March period of 2017-18 and its off-take during the period was at 158.86 million tonnes. (IANS)