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  4. Coal India net profit jumps 26%, stock up over 4% on positive earnings in Q4

Coal India net profit jumps 26%, stock up over 4% on positive earnings in Q4

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2 min read • Updated: May 3, 2024, 2:12 PM

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Summary

Coal India Ltd. (CIL) shares experienced a significant surge of over 4% on Friday after the company reported a robust 26.2% rise in consolidated net profit for the March quarter. This positive financial performance was attributed to increased supplies of dry fuel. This strong performance reinforces CIL's position as a major player in the domestic coal production sector, accounting for over 80% of the country's coal output.

The consolidated net profit stood at ₹6,875.07 crore in the year-ago period.
The consolidated net profit stood at ₹6,875.07 crore in the year-ago period.

Shares of Coal India Ltd (CIL) on Friday climbed over 4% after the company reported a 26.2% rise in consolidated net profit for the March quarter. At the NSE, the share price rallied 3.97% to ₹471.95.

Coal behemoth CIL on Thursday reported a 26.2% rise in consolidated net profit to ₹8,682.20 crore for the March quarter on the back of higher supplies of the dry fuel. The company's consolidated net profit stood at ₹6,875.07 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing. Its consolidated income in the latest January-March period declined to ₹39,654.50 crore from ₹40,371.51 crore a year ago. The company's PAT for the entire 2023-24 fiscal touched ₹37,369 crore, logging a 17.8% year-on-year growth.

The earnings were announced after market hours on Thursday ie. 2 May, 2024. Coal India shares ended 0.23% lower at ₹453.25 in the same session. The market capitalization of the company stood at ₹2.79 lakh crore. During the session, a total of 6.29 lakh shares of the company were traded, amounting to a turnover of ₹28.60 crore. Coal India shares have a one-year beta of 1, indicating average volatility during the period.

At 1:04 PM, Shares of Coal India Limited traded 2.42% higher at ₹464.90 on NSE on 3 May, 2024.

About Coal India Limited:

Headquartered in Kolkata, Coal India Limited is an Indian central public sector undertaking under the ownership of the Ministry of Coal, Government of India. CIL accounts for over 80% of the country's domestic coal production. It was founded in November 1975 with over 2,37,803 employees as of April 2023.

With inputs from PTI