Coal India Q4 net profit rises 26% to ₹8,640 crore
Upstox
2 min read • Updated: May 2, 2024, 7:40 PM
Summary
Coal India Ltd (CIL) reported a significant 26.2% YoY increase in consolidated net profit for the March quarter, reaching ₹8,682 crore, surpassing market expectations. Despite a slight decline in consolidated income to ₹39,654 crore, the company's robust performance was driven by a 7.8% growth in coal production.
Coal behemoth CIL on Thursday reported a 25.8% rise in consolidated net profit to ₹8,640 crore for the March quarter, spurred by higher supplies of coal.
The company's consolidated net profit stood at ₹6,869 crore in the year-ago period. The company's revenue surpassing the market estimates.
Its consolidated income in the January-March period declined to ₹39,654.50 crore from ₹40,371.51 crore a year ago.
For FY24, Coal India's revenue from operations surged to ₹1.42 lakh crore, up 3% compared to ₹1.38 lakh crores of FY2023.
Along with the result, Coal India also recommended a final dividend of ₹5 per share for the financial year 2023-2024. . This dividend is in addition to the interim dividend of ₹20.50 per share Coal India has already paid earlier in the fiscal. Thus, the total dividend for the fiscal climbs to ₹25.50 per share.
During the fourth quarter, Coal India produced 241.75 million tonnes (MTs) of coal chalking up a robust 7.8% growth over a high base of 224.16 MTs during the same quarter of last fiscal.
The company’s coal supplies shot up to 201.6 MTs in the Q4 FY 2023-24, up by 8% compared to 186.9 MTs of corresponding quarter in FY 2023. This gave the heft to the company’s profitability.
CIL accounts for over 80% of the country's domestic coal production.
With inputs from PTI