Coal India March Quarter net profit 18% down as per estimated

State-owned Coal India Ltd's fourth-quarter net profit fell and missed estimates primarily due to increased provisions towards wages.

Coal India reported a consolidated net profit of Rs 5,527.62 crore in the March quarter, down 17.7 percent from a year ago. Consolidated revenue for the quarter stood at Rs 35,161.44 crore, up 17.3 percent year on year. The Bloomberg poll estimated a net profit of Rs 7,752 crore while revenue was expected at Rs 35270 crore.

The company recommended a final dividend of Rs. 4 per share. Earlier in two tranches a total dividend of Rs.20.25 per share was already paid out.

CIL's total expenses in the fourth quarter increased to Rs32,791 crore from Rs2,5140.01 crore in the corresponding quarter of the previous fiscal.

Employee benefit expenses surged 60 percent YoY to Rs 16,983 crore compared to Rs 12,951 crore of Bloomberg estimates. Contractual expenses jumped 24 percent from a year ago to Rs 7,040 crore from Rs 5,626 crore Bloomberg analysts estimates. Finance cost advanced 61 percent YoY to Rs 195 crore versus Rs 54.96 crore Bloomberg analysts expectations. (More to come)