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Coal India net profit soars 70% in Q3 on higher demand; co declares second interim dividend | Mint – Mint

State-owned Coal India has reported a consolidated net profit of 7,755.55 crore for the third quarter (Q3FY23), up 70% from 4,558.39 crore in the corresponding quarter of last year, as production at the company increased due to higher power demand amid extreme weather conditions.

That beat an average estimate of 7,678.03 crore by Bloomberg analysts.

On a sequential basis, net profit after tax (PAT) rose 28% from 6,043.55 crore in the previous quarter (Q2FY23).

The mining giant’s consolidated revenue from operations during the quarter under review increased to 35,169 crore, compared with 28,433 crore in the same period last year.

The profit before tax (PBT) for the December quarter stood at 10,593.68 crore, up 68% from 6,302 crore in the year-ago quarter.

CIL’s total expenses in the third quarter increased to 26,246.44 crore from 22,780.95 crore in the corresponding quarter of the previous fiscal.

Further, the Board has approved the payment of second interim dividend at 5.25 per share for the current financial year 2022-2023.

The company has fixed Wednesday, 8 February, 2023 as the record date for the payment of the second interim dividend.

The country reeled under extreme temperatures – from heatwaves in April to severe cold in northern states towards December-end – putting additional strain on power supplies.

The Centre has asked utilities to not retire coal-fired power plants till 2030, and is planning to use an emergency law in February to force plants that run on imported coal to maximise output in preparation for a likely record consumption this summer.

The coal ministry expects CIL to surpass its production target of 700 million tonnes fixed for the current financial year.

On Tuesday, ahead of the results, Coal India shares closed 0.49% lower at 224.75 apiece on the NSE.

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