The share price of Coal India declined over 3 percent in the early trade on Thursday after the company reported it earnings for the second quarter of fiscal 2021.

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The state-run miner on Wednesday reported a 16.3 percent decline in consolidated net profit at Rs 2,948.12 crore for the September quarter dragged by higher expenses. The company had posted a net profit of Rs 3,522.70 crore in the year-ago period.

The stock price fell as much as 3.85 percent to an intraday low of Rs 121.05 apiece on the BSE. At 9:45 am, the shares were trading 2.74 percent lower at Rs 122.45 as against a 0.56 percent loss in the benchmark Sensex.

Revenue during the quarter increased marginally to Rs 22,237.82 crore from Rs 22,012.94 crore, YoY. Expenses increased to Rs 18,177.82 crore, over Rs 17,734.44 crore, the company said.

The production of the company during for the quarter increased to 114.98 million tonnes (MT) from Rs 103.99 MT during the quarter ended September 30, 2019. The offtake of raw coal by CIL during the quarter also increased to 133.96 MT from 122.44 MT, YoY.

The company said its board has approved payment of an interim dividend of 7.50 per share of the face value of Rs 10 for 2020-21.

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