Coal India's December Production Soars 8.2%, Q2FY2024 Net Profit Up 13%

2 Jan 2024 , 11:12 AM

Coal India’s shares opened 1 % higher on January 2 following the company’s disclosure of an 8.2 % year-on-year growth in production to 71.9 million tonnes in December. At the time of writing, the shares of Coal India are trading at Rs 387.50, which is a 1.49% increase from the previous close.

As per a regulatory filing on January 1, Coal India reported an 8.2 % increase in coal production to 71.9 million tonnes in December 2023. The production for April-December 2023 grew by 11 %, reaching 531.9 million tonnes compared to the same period in 2022.

Offtake, or the amount of coal taken from the mines, increased by 6.1 % year-on-year to 66.6 million tonnes in December 2023. Over the nine months ending December 2023, offtake grew by 8.7 %, reaching 552 million tonnes.

In Q2FY2024, Coal India’s consolidated net profit rose by 13 % year-on-year to Rs 6,814 crore for the quarter ending September 30, 2023. Analysts attribute this growth to increased power demand, boosted production, and a weak monsoon. Revenue for the same period grew by 10 % year-on-year to Rs 32,776 crore.

About Coal India: Coal India Limited, headquartered in Kolkata, is the largest government-owned coal producer globally, operating as an Indian central public sector undertaking under the Ministry of Coal, Government of India.

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