New Delhi, Aug 8 (PTI) State-owned Coal India Ltd (CIL) on Tuesday posted a 10.1 per cent fall in its consolidated net profit to Rs 7,941.40 crore for the quarter ended on June 30, dragged by higher employee benefits and contractual expenses.

The coal major had clocked a net profit of Rs 8,834.22 crore in the April-June period of 2022-23, according to an exchange filing.

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The company's total income was at Rs 37,521.03 crore, up 4 per cent from Rs 36,086.68 crore in the year-ago quarter.

Expenses surged to Rs 26,785.68 crore from Rs 23,985.31 crore, a rise of 11.67 per cent. Employee benefits expenses rose to Rs 12,027.48 crore in April-June this year from Rs 10,072.68 crore a year ago.

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Contractual expenses were higher at Rs 6,682,78 crore in the quarter under review against Rs 5,565.65 crore a year ago.

Coal India in the filing stated that the agreement for salary and wages of non-executive employees (NCWA -XD effective from 01,07.2021) has been implemented in June 2023 and salaries for June 2023 onwards are being paid at the revised rate.

In the filing, the coal behemoth said it did not "review the interim financial statements of eight subsidiaries (including their step-down subsidiaries) included in the consolidated unaudited financial results, whose interim financial statements reflect total revenues of Rs 37,725.92 crore, total net profit after tax of Rs 7,803 crore for the quarter ended June 30, 2023, respectively".

These interim financial statements have been reviewed by other auditors, CIL added.

On a standalone basis, the company reported a net profit of Rs 918.02 crore for April-June 2023 against Rs 160.98 crore a year ago.

While standalone total income surged to Rs 1,140.50 crore from Rs 357.23 crore in the year ago period.

During the quarter, the company's consolidated coal production was at 175.47 MT, higher from 159.75 MT in April-June FY23. The coal offtake was also higher at 186.95 MT from 177.49 MT a year ago.

Coal India, under the Ministry of Coal, is a leading producer and supplier of coal in India. The company has eight subsidiaries operating under it.

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