Coal India reports 17% YoY growth in Q3 net profit at ₹9,069 Crore

13 Feb 2024 , 12:10 PM

On Monday, Coal India announced a 17% increase in its consolidated net profit to ₹9,069 Crore for the quarter ending December 2023. Last year, the figure was ₹7,755 Crore.

Revenue from operations increased 3% year-on-year to ₹36,154 Crore in the third quarter, compared to ₹35,169 Crore in the same quarter previous year.

Furthermore, the board declared a second interim dividend of ₹5.25 per share for fiscal year 2023-24. The corporation has set February 20 as the record date for the same, and it will be paid by March 12.

With the current payout, the total interim dividend for FY24 is ₹20.5 per share, or 205% of face value. In November of last year, Coal India issued its first interim dividend of ₹15.25 per share.

On a sequential basis, net profit jumped 33% from ₹6,800 Crore in the prior September quarter. Meanwhile, revenues increased by 10% over the previous quarter. EBITDA for the quarter totaled ₹11,350 Crore, with margins of 31.5%.

Total costs for the third quarter were marginally changed at ₹26,268 Crore, compared to ₹26,246 Crore in the same quarter last year.

The profit before tax for the third quarter under review reached an all-time high of ₹12,375 Crore, representing a 17% year-on-year increase.

Operationally, the company’s coal output increased 11% year-on-year to 199 mt in the third quarter. Coal supply increased by 9% to 191.30 mt during the quarter.

The board has also cleared the decks for Mukesh Agrawal’s appointment as Chief Financial Officer (CFO) from February 13. On February 8, Agrawal took over as the coal mining company’s director of finance.

PAT and PBT for the nine-month period ending December of FY24 also hit record highs, indicating excellent financial buoyancy,’ the business stated.

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