Coal India Q3 Profit Soars 17%, Hits All-Time High

New Delhi, February 12: Coal India Limited (CIL) announced a significant 16.9% increase in its consolidated net profit to an impressive Rs 9,069.19 crore for the December quarter. This remarkable growth was primarily attributed to higher sales during the period.

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Impressive Financial Performance

CIL's consolidated net profit stood at Rs 7,755.55 crore in the corresponding quarter of the previous year. The company's Profit After Tax (PAT) also witnessed a substantial rise, reaching an all-time high of Rs 9,094 crore during the third quarter of the current fiscal year. This represented an impressive 18% year-on-year growth.

The company's PAT during the third quarter was the highest since its listing. In absolute terms, the PAT jumped by a significant Rs 1,375 crore compared to the Rs 7,719 crore recorded in the October-December 2022 period.

Increased Sales and Revenue

CIL's consolidated sales also experienced an upward trend, rising to Rs 33,011.11 crore during the quarter, compared to Rs 32,429.46 crore in the year-ago period.

The company's consolidated revenue from operations for the October-December period witnessed a notable growth of 3%, increasing from Rs 35,169.33 crore in the previous fiscal year to Rs 36,153.97 crore.

Dividend and CFO Appointment

CIL's board of directors approved a second interim dividend of Rs 5.25 per share for the current fiscal year, representing 52.5% of the face value. This brings the total interim dividend for FY24 to Rs 20.50 per share, or 205% of the face value.

Additionally, the CIL board cleared the appointment of Mukesh Agrawal as the company's new Chief Finance Officer (CFO), effective from Tuesday.

Strong Production and Supply

CIL's coal output witnessed a substantial increase of 11% during the third quarter, rising from 180.06 Million Tonnes (MT) in the previous year to 199 MT. Coal supplies also saw a significant 9% growth, reaching 191.30 MT during the quarter, compared to 175.81 MT in the corresponding period of the previous year.

Market Capitalization and EBITDA

The company's market capitalization stood at an impressive Rs 2,31,719 crore at the closure of December FY24.

Furthermore, CIL's Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) climbed to Rs 32,451 crore in the April-December period, marking an increase of Rs 453 crore compared to the Rs 31,998 crore recorded in the same period of the previous year.

Coal India Limited's strong financial performance, increased production and supply, and strategic decisions such as dividend approvals and key appointments position the company for continued growth and success in the future.