Coal India shares down 2.5% on disappointing earnings
Coal India's scrip today lost as much as 2.5 per cent in morning trade after the company reported a decline of 11.4 per cent in consolidated net profit for the quarter ended December 31, 2013.
The state-run firm's stock fell 2.48 per cent to Rs 263.20 on the BSE.
On the NSE, the scrip lost 2.44 per cent to Rs 263.30.
"Coal India's Q3 FY14 top-line was below our estimate, however, its bottom-line was slightly above our estimate," brokerage firm Angel Broking said in a report.
Coal India yesterday reported a decline of 11.4 per cent in consolidated net profit to Rs 3,894.09 crore in the December quarter on lower e-auction realisation and quantity.
The public sector unit (PSU) had clocked a profit of Rs 4,395.11 crore in the corresponding quarter of the previous financial year.
Net sales during the October-December quarter declined 2.3 per cent to Rs 16,928.13 crore from Rs 17,325.04 crore in the year-ago period.
"Profit is lower due to low sales, increase in general cost, inflationary pressure and low realisation from e-auctions during the quarter," Coal India chairman S Narsing Rao said yesterday in Kolkata.
