Coal India’s Q1 net profit declines 10% y-o-y to Rs 7,941 crore

9 Aug 2023 , 10:40 AM

State-owned Coal India Limited (CIL) announced a consolidated net profit of Rs 7,941.4 crore for the quarter ended June, a 10% y-o-y decrease from Rs 8,834.22 crore in the same period last year.

However, net earnings for the first quarter of fiscal year 24 exceeded analyst expectations. The company was projected to earn a net profit of Rs 6,125 crore, based on an average of three brokerage firm projections.

Revenue from operations was Rs 35,943.21 crore, up 2.5% y-o-y from Rs 35,092.17 crore in the previous quarter, according to an exchange filing by the world’s largest coal miner.

Total income climbed 3.9% to Rs 37,521.03 crore in Q1FY24 from Rs 36,086.68 crore in the previous corresponding quarter.

CIL’s total expenses surged 11.5% in the first quarter to Rs 26,745.68 crore, up from Rs 23,985.31 crore in the previous fiscal’s corresponding quarter.

One of the causes for the increase in expenses has been CIL’s decision to raise non-executive worker compensation. The company reported raw coal output of 175.476 million tons for the quarter, up from 159.753 million tonnes in the previous year’s comparable quarter.

Raw coal consumption was 186.950 million tons, up from 177.490 million tons in the previous quarter.

At around 10.37 AM, Coal India was trading 0.87% higher at Rs 232.25, against the previous close of Rs 230.25 on NSE. The counter touched an intraday high of Rs 235.70.

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