Coal India Ltd.'s profit met estimates for the second quarter driven by its operating margin and higher volume.
Net profit rose over eight-fold year-on-year to Rs 3,084.7 crore, the world's largest coal miner said in an exchange filing. That compares with the Rs 3,137-crore consensus estimate of analysts polled by Bloomberg.
Revenue in the July-September period rose 22.3 percent to Rs 22,198.1 crore compared with the same period last year. The company's “aggressive” annual sales volume target of 680 million tonnes was achievable due to new rail networks and demand recovery, according to a Bloomberg Intelligence report. The company also saw an 8.1-percent increase in its volumes to 290.8 million tonnes, year-on-year.
Operating performance surpassed analyst estimates with earnings before interest, tax, depreciation and amortisation rising over five times to Rs 4,716 crore, compared with the estimated Rs 4,529 crore. Operating margin expanded 1,650 basis points to 21.3. percent.
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