State-run coal miner Coal India, on Monday, reported a 17.81 per cent year-on-year growth in its consolidated net profit at ₹9,093.69 crore for the third quarter this fiscal, registering a higher-than-expected profit.
The coal behemoth had posted a net profit of ₹7,719.11 crore for the third quarter last fiscal. The company’s revenue during the period under review grew 2.79 per cent y-o-y at ₹36,153.97 crore, against ₹35,169.33 crore in the third quarter last fiscal, buoyed by higher coal sales.
Total expenses stood at ₹26,268 crore in Q3 FY24, compared to ₹26,246.44 crore in Q3 FY23, the company said in a stock exchange filing.
Coal India, in a release, said its net profit during the third quarter this fiscal was the “highest PAT earning” during the third quarter of any year since the company’s listing.
“Evincing strong financial buoyancy, PAT and PBT for the nine-month period ending December of 2024 also reached their respective record highs for this period,” the company said.
Net profit at ₹23,849 crore during April-December 2023 witnessed a jump of 6 per cent over the year growth, compared to ₹22,597 crore during the corresponding period, 2022.
During the nine months ended December of FY24, EBITDA increased to ₹32,451 crore, compared to ₹31,998 crore in April-December of FY23.
CIL’s coal output of 199 MT in Q3 FY24 saw 11 per cent y-o-y growth, against 180.06 MT in Q3 FY23. Coal supplies were up 9 per cent to 191.30 MT during the quarter against 175.8 MT in the third quarter last fiscal.
Total supply of coal through the fuel supply agreement (FSA) was 172.3 million tonnes (MT) during Q3FY24 and the average realisation per ton from the FSA sales was Rs 1531.98 per ton. In Q3FY23, FSA sales were 157.83 MT and average realisation was Rs 1481.91 per ton.
The company’s board gave its nod for a second interim dividend of Rs 5.25 per share for FY24. The board also cleared the decks for appointment of Mukesh Agrawal as chief finance officer of the coal major effective from February 13, 2024. He took over as the director (finance) of the company in February, 2024.