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Coal India's Fiscal First-Quarter Profit Rises on 7.8% Revenue Growth

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Coal India's Fiscal First-Quarter Profit Rises on 7.8% Revenue Growth

Coal India's (BOM:533278, NSE:COALINDIA) attributable profit grew to 88.52 billion rupees in the fiscal first quarter from 87.97 billion rupees in the year-ago period, according to a stock exchange filing on Monday.

The state-owned coal miner's earnings per share in the quarter ended June 30 rose to 14.36 rupees from 14.27 rupees in the year-ago period, beating the forecast of 13.35 rupees compiled by Investing.com.

Revenue grew 7.8% to 462.55 billion rupees from 429.19 billion rupees in the prior-year period. The figure exceeded the consensus forecast of 448.2 billion rupees tracked by Investing.com.

Analysts from Jefferies said power demand began to rebound during the first fiscal quarter. They also noted that an El Niño weather pattern could lead to below-average rainfall, which would likely drive consumption even higher, as drier conditions increase energy needs in both the agricultural and residential sectors.

Coal production during the quarter fell 7% to 169.6 million tonnes, while coal offtake rose 4% to 197.9 million tonnes.

The company declared a first interim dividend of 5.50 rupees per share, payable by Aug. 25 to shareholders on record as of July 31.

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