Coal India net profit declines 21% in Q3
State-owned CIL on Thursday reported a 21.3 per cent fall in consolidated net profit at Rs 3,085.39 crore for the quarter ended December 31, 2020. The company had posted a net profit of Rs 3,923.87 crore in the corresponding period a year ago.
Income during October-December 2020-21 slipped marginally to Rs 24,334.62 crore from Rs 24,602.19 crore in the year-ago period.
CIL’s production during the quarter under review increased to 156.78 million tonnes (mt) from 147.50mt in the corresponding quarter of the previous financial year. Coal India accounts for over 80 per cent of domestic output.
The company said its board has given approval for the incorporation of two wholly owned subsidiaries, one for solar value chain (ingot-wafercell-module) business vertical and another for new and renewable energy.
CIL will also pump in over Rs 1.22 lakh crore in projects related to coal evacuation, exploration and clean coal technologies by 2023-24.