Coal India on Monday reported a 106 per cent year-on-year growth in net profit for the quarter ended September 30, 2022, aided by higher coal offtake as well as better realisations from e-auction sales.

Net profit for the quarter ended September 30, 2022 during the quarter was Rs 6043.99 crore as against Rs 2932.73 crore in the corresponding quarter previous year. Net profit during the second quarter however is down from Rs 8834.22 crore during the first quarter of the ongoing fiscal.

The total income of the public sector miner during Q2FY23 was Rs 31599.24 crore, up 31.26 per cent from Rs 24072.83 crore in the corresponding period previous year.

Coal India’s total supply of coal through the fuel supply agreements (FSA) was 141.64 million tonnes (MT) during the July-September quarter of 2022 and the average realisation per ton from the FSA sales was Rs 1413.75. In the corresponding year-ago period (July-September 2021), supply through FSA was 118.03 MT and the average realisation per ton from FSA sales was Rs 1381.75.

Coal India offered a total of 10.36 MT through e-auction during the quarter, which is less than 27.01 MT in the corresponding quarter previous year. But the realisation through e-auction sales during Q2FY23 was Rs 6061.51 per ton as compared to Rs 1593.36 per ton in Q2FY22.

The company in its exchange filings has also disclosed the sale of imported coal. While in volume, the amount is a paltry 0.09 MT, the average realisation per tonne was a massive amount of Rs 13529.69, garnering an amount of Rs 123.84 crore during the quarter.

Coal India has been importing coal for thermal power utilities for blending purposes after the central government mandated the use of imported coal to prevent any shortfall of coal inventory at the power plants. But with international coal prices trading at significantly high levels, the sale of imported coal has come at a premium.

CIL's only gain would have been the facilitation fee.

Coal India’s total production during the quarter was 139.22 MT compared to 125.83 MT in the year-ago period. Coal offtake during the quarter was at 154.53 MT compared to 147.43 MT during the corresponding quarter previous year.

Coal India scrips at Rs 249.50, were up 1.42 per cent over the previous close at the Bombay Stock Exchange.