CIL net jumps four-fold in 2009-10; IPO set for July-August
06 Apr 2010
The net profit of state-owned Coal India Limited (CIL) increased four-fold to Rs8,312 crore during 2009-10 from Rs2,078 crore in 2008-09, the company said today.
CIL's gross sales touched Rs52,088 crore during the year, registering a rise of 13.74 per cent over the previous year, the company's CMD Partha Bhattacharya said.
Gross profit increased 38 per cent to Rs12,396 crore.
Bhattacharya confirmed that CIL would file the draft red herring prospectus with the market regulator Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO) by the middle of June.
The IPO is expected to hit the market by July or the first week of August.
Through the IPO, government would dilute 10 per cent of its CIL stake, out of which one per cent would be reserved for employees.