Coal India on Thursday reported a consolidated net profit of ₹8,640.45 crore for the fourth quarter ended March 31, a growth of 25.78 per cent over ₹6,869.46 crore in the corresponding quarter of the previous year.
Lower expenses, primarily on account of a fall in employee benefit expenses, aided the operating earnings of the company even as consolidated revenue from operations during the quarter was marginally down 1.94 per cent to ₹37,410.39 crore from ₹38,152.34 crore in the corresponding previous quarter.
Coal India had earlier made a provision of ₹5,870.16 crore for the quarter ended March 31, 2023, on account of the agreement for salary and wages of non-executive employees, which has already come into effect from June 2023.
During the quarter (Q4FY24), Coal India sold 175.94 million tonnes (MT) of coal through fuel supply agreements, which was more than 167.45 MT in Q4FY23. But the average realisation per tonne stood at ₹1,535.54 during Q4FY24 compared with ₹1,549.74 in Q4FY23.
Coal India also recorded an increase in e-auction volumes at 22.57 MT during Q4FY24 compared with 16.40 MT in Q4FY23, but average realisation per tonne during Q4FY24 was lower at ₹2,545.01 compared with ₹4,525.69 in Q4FY23.
Total coal production and offtake during the quarter stood at 241.75 MT and 201.665 MT, respectively, compared with 224.16 MT and 186.87 MT in Q4FY23.
The board of directors of Coal India has declared a final dividend of ₹5 per share. This is in addition to the interim dividend of ₹20.50 per share declared earlier during the year. Thus, the total dividend works out at ₹25.50 per share, which is 255 per cent of the face value of shares, Coal India said in a statement.
With a 63.13 per cent equity holding for the quarter ended March 2024, the government is the largest shareholder in the company.
Net profit during FY24 was ₹37,369.13 crore compared with ₹31,722.98 crore in FY23, a growth of 17.79 per cent.
Revenue from operations was ₹1,42,323.98 crore, up 2.95 per cent from ₹1,38,251.91 crore a year ago.
