CIL net profit tanks 21% as contractual expenses soar
NEW DELHI: State-owned Coal India Ltd (CIL) on Thursday reported a sharp 21.3 per cent decline in its consolidated net profit for the third quarter, at Rs 3,085.4 crore compared to a net profit of Rs 3,923.87 crore for the corresponding period.
The company took a hit from a sharp rise in contractual expenses, details filed with the stock exchanges showed, increasing by 18.4 per cent during the period to Rs 4,351.5 crore. Further denting its bottom-line, the coal miner’s other income for the quarter also dived 54 per cent on a year-on-year basis to Rs 648.59 crore.
