NEW DELHI: State-owned Coal India Limited reported a robust 26% year-on-year growth in consolidated
net profit
for the quarter ended March 2024, reaching
Rs 8,682 crore
.
Despite the strong performance in profitability, the company saw a slight decline in revenue from operations, which dropped by 2% year-on-year to Rs 37,410 crore, down from Rs 38,152 crore in the corresponding period last year.
Coal India also announced a final dividend payment of Rs 5 per share for the fiscal year 2023-24. However, on a sequential basis, net profit declined by 14% from Rs 10,130 crore reported in the December quarter, while revenues saw a modest increase of 3%.
The company’s consolidated EBITDA stood at Rs 11,337 crore for the quarter, with margins at 30.3%. Total expenses during the quarter decreased by 8% year-on-year to Rs 28,298 crore, compared to Rs 30,873 crore in the fourth quarter of the previous fiscal.
Operationally, Coal India demonstrated significant growth, with production of raw coal increasing to 241 million tonnes in the fourth quarter, up from 198 million tonnes in the same period last year. Coal offtake also saw an improvement, rising to 201 million tonnes in Q4FY24 from 191 million tonnes in Q4FY23.
For the full fiscal year 2023-24, Coal India posted a net profit of Rs 37,402 crore, an 18% increase compared to Rs 31,763 crore in FY23. Revenue from operations for the year rose by 3% year-on-year to Rs 1.42 lakh crore, up from Rs 1.38 lakh crore in the previous fiscal year.
The company’s e-auction sales contributed Rs 5,743 crore during the March quarter, while sales from Fuel Supply Agreements (FSA) stood at Rs 27,016 crore. The overall net sales from raw coal were reported at Rs 32,760 crore with an average realization per tonne of Rs 1650.31.
Additionally, sales from washed coal totaled Rs 1,077 crore with an average realization of Rs 7,302.77 per tonne.
Despite the positive financial outcomes, shares of Coal India closed 0.51% lower at Rs 452 on the National Stock Exchange on Thursday.
“There are some things you learn best in calm, and some in storm.” — Willa Cather, The Song of the Lark
