Coal India net up 19%, narrowly misses estimates
Coal India, the world's largest coal miner, reported on Friday a 19 percent increase in quarterly profit, helped by strong sales and better prices, but narrowly missed market expectations.
November 09, 2012 / 18:36 IST
Coal India, the world's largest coal miner, reported on Friday a 19 percent increase in quarterly profit, helped by strong sales and better prices, but narrowly missed market expectations.
The state-run miner said September quarter net profit rose to Rs 30.8 billion (Rs 3,080 crore) from Rs 25.9 billion (Rs 2,590 crore) a year earlier. Net sales rose 11 percent to Rs 145.7 billion (Rs 14,570 crore).Analysts on average had forecast a net profit of Rs 32.2 billion (Rs 3,220 crore), according to a Reuters poll of brokerages.Shares in Coal India, valued at USD 40.7 billion, closed 0.7 percent lower, before the earnings announcement, in a Mumbai market down nearly 1 percent. The stock has gained nearly 16 percent so far this year.Also read: ICICIdirect's Muhurat picks 2012, Sensex target, sector bets Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
