Top Coal Miner’s Profit Drops As Low Power Demand Cuts Sales

State miner Coal India Ltd.’s first-quarter profit plunged 20% from a year earlier after weakened demand from power stations curbed shipments of the fuel that helps produce about 70% of the country’s electricity.

Net income for the three months through June declined to 87.4 billion rupees, the Kolkata-based miner said in a stock exchange filing on Thursday. Still, earnings beat average of analyst estimates compiled by Bloomberg.