Coal India net profit rises 17% to Rs 9,069 cr in Q3

New Delhi: Coal India Ltd on Monday reported a 16.9 per cent rise in consolidated net profit to Rs 9,069.19 crore for the December quarter on the back of higher sales.

The company's consolidated net profit stood at Rs 7,755.55 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing.

In a statement, the maharatna PSU said powered by positive performance, its consolidated Profit After Tax (PAT) rose sharply to an all-time high of Rs 9,094 crore during the third quarter of the current fiscal, posting an 18 per cent year-on-year growth.

"This was the highest PAT earning during the third quarter of any year since the company's listing. In absolute volume, the PAT jumped by Rs 1,375 crore compared to Rs 7,719 crore of October-December 2022 period," the statement said.

The company's consolidated sales increased to Rs 33,011.11 crore during the quarter, over Rs 32,429.46 crore in the year-ago period.

CIL's consolidated revenue from operations in the October-December period increased to Rs 36,153.97 crore from Rs 35,169.33 crore in the corresponding period of the previous fiscal, registering a growth of 3 per cent.

The company's board approved second interim dividend of Rs 5.25 per share for the current fiscal, that is, 52.5 per cent of the face value.

With this, the total interim dividend for FY24 stands at Rs 20.50 per share, or 205 per cent of face value.

The CIL board also cleared the decks for the appointment of Mukesh Agrawal as the Chief Finance Officer (CFO) with effect from Tuesday.

"The Profit Before Tax (PBT) during the third quarter also surged to an all-time high of Rs 12,375 crore posting a double-digit growth of 17 per cent or an increase of Rs 1,781 crore," the statement said, adding that the PBT was Rs 10,594 crore a year ago.

CIL's coal output rose 11 per cent to 199 Million Tonnes (MT) in the third quarter from 180.06 MT last year.

Coal supplies were up 9 per cent to 191.30 MT during the quarter against 175.81 MT in the year-ago period.

The company's "market capitalisation stood at Rs 2,31,719 crore at the closure of December FY24", it said.

The company's Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) climbed to Rs 32,451 crore in the April-December period, up Rs 453 crore as compared to Rs 31,998 crore in the year-ago period.