Coal India Q2 Profit Dips 21.9% YoY; Declares ₹15.75 Interim Dividend

28 Oct 2024 , 12:10 PM

Coal India Ltd (CIL) reported a 21.9% drop in net profit, posting ₹6,289 Crore for Q2 FY24, down from ₹8,048.6 Crore in the same quarter last year.

The company’s revenue from operations decreased by 6.4% to ₹30,672.9 Crore, compared to ₹32,776 Crore YoY.

EBITDA for the quarter fell by 14.2%, amounting to ₹8,617 Crore, against ₹10,038.2 Crore in the previous fiscal quarter. EBITDA margin declined to 28.1%, down from 30.6% in the corresponding period of last year. Consolidated sales stood at ₹27,271.3 Crore, showing a decline from ₹29,978.01 Crore YoY.

The board approved a first interim dividend of ₹15.75 per share for FY25, with a record date set for November 5, and payment scheduled for November 24, 2024.

CIL’s board also approved the closure of its wholly-owned subsidiary, CIL Solar PV Ltd, anticipated within 8–10 months as the subsidiary has not engaged in commercial activities since inception.

CIL cited restrictions on sourcing cost-effective solar PV tech from certain bordering countries, affecting its subsidiary’s viability.

In FY23-24, CIL’s coal output increased by 10% to 773.6 million tonnes, though it missed its target of 780 million tonnes. CIL continues to account for more than 80% of India’s domestic coal production.