India mining
Miners work at the Gevra coalmines in the central Indian state of Chhattisgarh [Representational Image]Reuters

Coal India, the central government-owned coal mining firm, on Tuesday reported about 15 percent decline in its consolidated net profit at Rs. 3,065.3 crore for the quarter ended June 30, as against a net profit of Rs. 3,596.9 crore during the same quarter last fiscal.

The company's net sales dipped 6 percent at Rs. 17,796 crore for the April-June period when compared to Rs. 18,995.8 crore in the same period last financial year, Coal India said in a regulatory filing to the Bombay Stock Exchange.

Following the quarterly result announcement, Coal India stock was trading at Rs. 325.45 at around 9:30 a.m. on Wednesday, down 1.65 percent from its previous close on the BSE.

During the quarter ended June 30, the coal production of the company witnessed a 3.5 percent growth year-on-year (YoY) at 125.67 million tonnes. The company's off take also increased 2.98 percent at 133.24 million tonnes in the first quarter when compared to 129.39 million tonnes during the first quarter of the previous fiscal, the company said.

Coal India, which is the world's largest coal miner, earned Rs. 18,421.87 crore income from operations in the first quarter for the present fiscal. In the same quarter during the last fiscal, the company had earned income worth Rs. 19,518.08 crore from operations.

Last month, the board of Coal India Limited (CIL) approved inking a deal with a South African government entity for acquisition of coal mines. The board's decision has been conveyed to African Exploration Mining and Finance Corporation Ltd (AFMFC) to decide the date and place for signing of the agreement.

Coal and Power Minister Piyush Goyal had earlier in August informed Parliament that the state-controlled coal mining firm is looking to enter into an agreement with the South African government to jointly acquiring mines in the African nation.