State-run Coal India Ltd on Monday reported a 38% decline in net profit at Rs 2,716 crore for January-March 2017, missing analysts’ forecast by a wide margin, as higher costs dented earnings.
Analysts on average had estimated a consolidated profit of Rs 3,820 crore, according to Thomson Reuters data.
Ahead of the Q4 data, Coal India shares closed down 0.3% at Rs 267.65 in a firm Mumbai market whose benchmark Sensex was up 0.26%.
Coal production of the Kolkata-based company, which accounts for more than 80% of the country’s output, rose to 176.37 million tonnes in the fourth quarter from 165.24 million tonnes a year earlier.
Consolidated total income climbed 8.3% to Rs 26,636 crore.
The world’s largest coal miner recently cut its production target by about a 10th to 600 million tonne for the 2017-18.
(With inputs from Reuters)