Coal India net up 26% at Rs 8,641-cr

State-owned Coal India Ltd on Thursday reported a 26% rise in its consolidated net profit in the last quarter of the financial year 2023-24 at Rs 8,640.45 crore compared with Rs 6,869.46 crore in Q4FY23. On a sequential basis, however, the net profit fell by 15% from Rs 10,154.68 crore.

The company’s revenue from operations fell marginally by 2% to Rs 37,410.39 crore against Rs 38,152.34 crore in the same period the previous fiscal. Total income too declined by 2% on year to Rs 39,654.50 crore. Total expenses during the quarter stood at Rs 28,298 crore, falling 8% on year.

The country’s largest coal production and mining company produced 241.75 million tonnes of coal in the quarter under review, up 7.8% from 224.16 million tonnes in Q4FY23. Off-take of coal also increased to 201.66 million tonnes from 186.87 million tonnes during the same period of FY23, the company said in an exchange filing.

The company’s Board of Directors have recommended payment of final dividend for the financial year 2023-24 Rs 5/- per share with a face value of Rs 10/-.

Under its Fuel Supply Agreements, Coal India sold 175.94 million tonnes of coal worth Rs 27,016.76 crore, while sales under e-auction stood at 22.57 million tonnes at Rs 5,743.83 crore.

The overall net sales from raw coal was at Rs 32,760.6 crore with the average realisation per tonne of Rs 1,650.31. The total sales from washed coal came in at Rs 1077.45 crore with the average realisation at Rs 7,302.77.

Coal India’s consolidated net profit for the full year 2023-24 rose 18% to Rs 37,369.13 from Rs 31,722.94 crore in FY23. Revenue from operations in FY24 jumped 3% to Rs 1.42 lakh crore from Rs 1.38 lakh crore in the previous fiscal year.

Capital expenditure for the financial year 2023-24 increased by 6.5% to Rs 19,840 crore compared with FY23 when the capex stood at Rs 18,619, the company had earlier said. This is the consecutive fourth fiscal that Coal India’s capex breached the budgeted target.

The company contributed Rs 60,140.31 crore to the exchequer in the financial year 2023-24, up 6.4% from the previous fiscal, according to the data available by the coal ministry.

The amount paid to the central and state governments includes royalties, GST, cess on coal, and other levies. Coal production generates substantial revenue for both central and state governments, with royalty collections from CIL reaching Rs 16,066.69 crore in FY24, compared to Rs 15,401.30 crore in FY23.