Coal India reports 106 per cent jump in consolidated profit at Rs 6,044 crore

NEW DELHI: State-owned Coal India Limited, CIL, on Monday reported a 106 per cent jump in its consolidated profit at Rs 6,043.99 crore in the September quarter of FY23 on higher revenue from operations. The pubic sector enterprise had posted a consolidated profit of Rs 2,932.73 crore in the year-ago period, Coal India Ltd (CIL) said in a filing to BSE.

The consolidated revenue from operations of the company during the July-September period of this year increased to Rs 29,838.07 crore from Rs 23,291.08 crore in the year-ago period, the filing said.

The consolidated expenses of the coal behemoth increased to Rs 23,770.12 crore from Rs 20,424.52 crore in the year-ago period. On the standalone basis, the company's profit in the second quarter increased to Rs 2,694 crore, over Rs 1,813.13 crore in the year-ago period.

The standalone sales of the company in the July-September period increased to Rs 164 crore from Rs 0.84 crore in the year-ago period.

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The coal production of the maharatna firm during the quarter ended September 30, 2022 increased to 139.228 million tonnes (MT), over 125.839 MT in the corresponding quarter of previous financial year.

The coal offtake during the quarter also went up to 154.533 MT from 147.434 MT in the corresponding quarter of previous fiscal.

The company's board declared the first interim dividend of Rs 15 per share for FY23, it said.

Coal India accounts for more than 80 per cent of domestic coal production. The company is targeting an output of 700 MT in the ongoing fiscal.

CIL will achieve 1 billion tonne coal production target by 2025-26 as against the earlier timeline of 2023-24 in view of the COVID-19 pandemic, coal minister Pralhad Joshi had earlier said.