Coal India's revenue from operations advanced 15.4% in the quarter ended December 31Coal India's shares swung between gains and losses on Wednesday, a day after the mining major reported its quarterly earnings.As of 11:33 am, Coal India shares had changed direction at least seven times on Wednesday.
Coal India had post-market hours on Tuesday reported a 50 per cent rise in net profit for the October-December quarter on the back of higher dry fuel production.
Coal India's net profit stood at Rs 4,565.74 crore in the quarter ended December 31, 2018, compared with Rs 3,042.91 crore in the corresponding period a year ago.Coal India's net profit was better than analysts' average estimate of Rs 4,069 crore, news agency Reuters reported citing Refinitiv Eikon data.Coal India's revenue from operations advanced 15.40 per cent to Rs 25,045.80 crore compared with Rs 21,707 crore in the year-ago period.(Sun Pharma Shares Jump After Earnings Announcement)On the operational front, Coal India's Earnings Before Income, Tax, Depreciation and Amortisation (EBITDA) rose 55 per cent to Rs 6,878.81 crore versus Rs 4,378.68 crore during the December quarter of 2017.
Its operating profit margin or EBITDA margin came in at 27.1 per cent versus 20.2 per cent annually.Coal India's production rose 30.38 per cent to 155.97 million tonnes compared with 119.62 million tonnes in the previous quarter.
While, its offtake rose 12 per cent to 153.83 million tonnes versus 137.33 million tonnes in September quarter.During the quarter government of India divested total of 5.41 per cent stake in Coal India by way of placement of shares in Bharat 22 ETF, CPSE ETF and offer for sale and post disinvestment Government of India holds 72.91 per cent equity stake in the company, Coal India said in an exchange filing.Meanwhile, Coal India's board on February 4 approved share buyback proposal wherein it will buy back a total 4.46 crore shares at Rs 235 per share for total consideration of Rs 1,050 crore.