Coal India on Wednesday reported a 4 per cent growth in consolidated net profit for the first quarter ended June 30 (Q1FY25) on the back of an 8 per cent and 6 per cent growth in production and offtake, respectively, over the previous year.
Consolidated net profit during the quarter was ₹10,943.55 crore compared with a restated profit of ₹10,498.39 crore in the corresponding period of the previous year.
Profit for the previous year has been restated after adjusting for impairment expenses, overburden removal (stripping activity costs) and taxes. Four out of eight subsidiaries of Coal India have seen an improvement in profit after tax during the quarter.
Consolidated total income during the quarter was ₹38,349.21 crore, up 2 per cent from ₹37,521.03 crore in the same period of the previous year. Total expenditure was ₹24,287.40 crore, up 1 per cent from ₹24,112.82 crore in the corresponding quarter of the previous year.
Coal production during the quarter was at 189.29 million tonnes (MT) compared with 175.48 MT in the year-ago period. Coal offtake during the quarter was 198.50 MT compared with 186.93 MT in the same period of the previous year. Capex spend during the quarter was ₹3,331.44 crore, up 3 per cent from ₹3,244.70 crore in Q1FY24.
During the quarter, Coal India said a non-coking coal washery with a capacity of 10 MTPA has started operations with a total cost ₹398 crore. Further, on May 21, 2024, Bharat Coal Gasification & Chemicals Limited (BCGCL) was incorporated as a new subsidiary for the coal gasification business. Coal India has also emerged as the preferred bidder for Madhya Pradesh’s Khattali Chotti graphite block.
Coal India’s market capitalisation has grown 9 per cent to ₹29,1589 crore during Q1FY25 from ₹26,7524 crore in FY24. On Wednesday, Coal India scrips at ₹522.15 were up 0.62 per cent over the previous close on the BSE.
M&M net up 20%
Mahindra & Mahindra on Wednesday said its consolidated net profit increased 20 per cent to ₹3,283 crore in the April-June quarter. The company had reported a profit after tax (PAT) of ₹2,745 crore in the year-ago period.
