Coal India , the world's largest coal producer, disappointed on all parameters on Saturday with the first quarter net profit falling higher-than-expected 16.5 percent year-on-year to Rs 3,731 crore, led by lower realisation from E-auctin sales.
Chairman and managing director, S Narsing Rao, in a press conference, said realisations from E-auction slipped significantly to Rs 2,140 per tonne in April-June quarter as against Rs 2,561/tonne Y-o-Y.
Net sales declined marginally to Rs 16,472 crore in April-June quarter from Rs 16,500.6 crore in a year ago period, which too came in lower than forecast.
Analysts on an average had expected it to report net profit of Rs 4,300 crore on net sales of Rs 17,120 crore.
Earninges before interest, tax, depreciation and amortisation (EBITDA) dropped 17.8 percent Y-o-Y to Rs 3,958 crore, which too was lower than analysts' expectations of Rs 4,520 crore.
Operating profit margin also dipped higher-than-expected 520 basis points Y-o-Y to 24 percent while analysts' forecast was 26.4 percent.
Rao said the cost of production increased by around Rs 750 crore during the quarter. Impact of diesel price hike in Q1 was Rs 143 crore, he adds.
Going ahead, he said the profit margins would remain under pressure in FY14 and effect of price increase would be realised in Q2.
"We have met 90% of power sector coal need under supply pacts," Rao said.
Other income jumped over 7 percent on yearly basis to Rs 2,219.61 crore in first quarter of financial year 2013-14.
Tax rate increased to 34.4 percent during the quarter as against 29.3 percent in corresponding quarter of last fiscal.
Coal India's production increased marginally to 102.89 MT from 102.47 MT and offtake rose to 115.36 MT versus 113.04 MT Y-o-Y. Analysts had expected offtake/dispatches during the quarter at around 115 million tonne.
The company announced its monthly output data on Friday. It marginally missed its output target for July by two percent, producing 32.77 million tonnes (MT) of dry-fuel during the month.
The state-run PSU, which is the world's largest coal miner, had set a production target of 33.44 MT for the month. While four of its subsidiaries - Eastern Coalfields (ECL), Central Coalfields ( CCL ), Bharat Coking Coal (BCL) and South Eastern Coalfields (SEC) accounted for more than targeted production, other four - North Eastern Coalfields (NEC), Western Coalfields (WCL), Northern Coalfields (NCL) and Mahanadi Coalfields (MCL) could not meet the target, reports PTI.
On Friday, the stock lost 5.84 percent to close at Rs 254.55 on the BSE.
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