Hit by Covid-19 pandemic, Coal India, India's largest coal mining company has reported 55.1 percent year-on-year (YoY) decline in consolidated profit at Rs 2,077.5 crore in the April-June quarter. The company’s profit in same period last year stood at Rs 4,630 crore. Consolidated revenue from operations plunged 25.9 percent YoY to Rs 18,487 crore in the quarter ended June 2020, as offtake reduced by 21.5 percent to 120.42 million tonnes YoY.
Coal India produced 121.04 million tonnes of coal during the first quarter, down 11.6 percent compared to 136.94 million tonnes produced in the same period last year. "The continuing COVID-19 pandemic has impacted the business of the group adversely. The offtake was down mainly due to less demand from power sector as well as closure of industries in the non-regulated sector due to COVID-19, even though the company had an opening stock of 74.63 million tonnes as on April 1, 2020," Coal India said in its BSE filing.
On the operating front, earnings before interest, tax, depreciation and amortisation (EBITDA) fell 53.8 percent YoY to Rs 3,051.7 crore and margin declined 1,000 bps YoY to 16.5 percent in the quarter. Numbers, barring revenue, were ahead of analysts' estimates. Profit was estimated at Rs 1,950 crore on revenue at Rs 19,060 crore, and EBITDA was expected at Rs 2,745 crore with margin at 14.4 percent for the quarter, as per the average of estimates of analysts polled by CNBC-TV18. Other income fell sharply to Rs 785.06 crore in Q1FY21, compared to Rs 1,150.2 crore in the corresponding period last fiscal.
