Coal India on Monday announced a notable 17 percent increase in its consolidated net profit, amounting to ₹9,069 crore for the quarter ending on December 31, 2023, compared to ₹7,755 crore recorded in the corresponding period of the previous year.
Furthermore, revenue from operations experienced a modest 3 percent year-on-year growth, reaching ₹36,154 crore in the third quarter, as opposed to ₹35,169 crore reported during the same period last year.
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Additionally, the board has announced a second interim dividend of ₹5.25 per share for the fiscal year 2023-24. The company has scheduled February 20 as the record date for this dividend, with disbursement set for March 12.
With this latest dividend declaration, the cumulative interim dividend for FY24 amounts to ₹20.5 per share, equivalent to 205 percent of face value. Notably, in November of the previous year, Coal India had revealed a first interim dividend of ₹15.25 per share.
On a sequential basis, the net profit surged by 33 percent compared to the preceding September quarter, reaching ₹6,800 crore. Meanwhile, revenues experienced a significant uptick of 10% quarter-on-quarter. EBITDA for the quarter stood at ₹11,350 crore, with margins at 31.5 percent.
Total expenses remained stable during the third quarter, standing at ₹26,268 crore, compared to ₹26,246 crore in the corresponding quarter of the previous year.
The profit before tax during the third quarter hit an all-time high of ₹12,375 crore, reflecting a robust year-on-year growth of 17 percent.
Operationally, the company witnessed an 11 percent year-on-year increase in coal output, reaching 199 million tonnes in the third quarter. Coal supplies also rose by 9%, totaling 191.30 million tonnes during the quarter.
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Furthermore, the board has approved the appointment of Mukesh Agrawal as the Chief Finance Officer (CFO), effective from February 13th. Agrawal assumed the position of director (finance) of the coal mining conglomerate on February 8th.
“Evincing strong financial buoyancy, PAT and PBT for the nine-month period ending December of FY24 also reached their respective record highs for this period,” the company said.
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