Coal India posts 26% rise in profit to Rs 8,682 cr in Q4 on higher supplies

New Delhi: Coal behemoth CIL on Thursday reported a 26.2 per cent rise in consolidated net profit to Rs8,682.20 crore for the March quarter on the back higher supplies of the dry fuel. The company's consolidated net profit stood at Rs6,875.07 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing. Its consolidated income in the January-March period declined to Rs39,654.50 crore from Rs40,371.51 crore a year ago.

In a statement, the maharatna firm said it posted 25.8 per cent growth in profit after tax (PAT) on a consolidated basis to Rs8,640 crore in the fourth quarter of FY24. The PAT was Rs 6,869 crore during the corresponding quarter of the previous fiscal year. The company's PAT for the entire 2023-24 touched Rs 37,369 crore, logging a 17.8 per cent year-on-year growth. CIL's PAT during FY23 was Rs 31,723 crore.

The company's board recommended a final dividend of Rs 5 per share for the financial year ended March 2024, subject to the nod from shareholders at the ensuing company's annual general meeting. This was in addition to the interim dividend of Rs 20.50 per share CIL had already paid earlier in the fiscal. Thus, the total dividend for the fiscal climbs to Rs 25.50 per share, which is 255 per cent of face value of a single share.

During 2023-24, the state-owned mining behemoth contributed Rs 60,140 crore to the government exchequer, both central and states where it operates. The company's coal supplies increased to 201.6 MT in the fourth quarter of FY24, up 8 per cent compared to 186.9 MTs of corresponding quarter in FY23. This gave the heft to the company's profitability.

CIL produced 241.75 million tonnes (MT) of coal in the fourth quarter of 2023-24, registering a growth of 7.8 per cent over 224.16 MT produced during the same quarter in the previous fiscal. CIL accounts for over 80 per cent of the country's domestic coal production.