Coal India on Friday reported a 12.73 per cent rise in net profit for the second quarter ended September 30, on the back of a higher production and offtake despite softer e-auction prices.
Net profit during Q2FY24 was Rs 6,813.5 crore compared with Rs 6,043.99 crore in Q2FY23, ahead of market estimates. Revenue from operations during the quarter was Rs 32,776.41 crore compared with Rs 29,838.07 crore during the year-ago period, a growth of 9.84 per cent.
Coal production during the quarter was 157.42mt compared with 139.22mt in the year-ago period. Coal offtake during the quarter was 173.73 mt compared with 154.53mt in the year-ago period.
The average realisation from the sale of coal through fuel supply agreements during the quarter improved to Rs 1541.75 per tonne compared with Rs 1413.75 per tonne during Q2FY23.
The revised salary and wages of non-executive employees under NCWA-XI are being paid from June 2023 onwards.
While the company had made a provision of Rs 8,152.75 crore for this purpose during 2022-23, further provisions of Rs 411.59 crore and Rs 735.47 crore were recognised during the quarter and period ended September 30, respectively.
The board of the PSU miner on Friday declared an interim dividend of Rs 15.25 per share for the financial year 2023-24.
CIL scrips at Rs 323.45 were down 0.02 per cent over Thursday’s close on the BSE.
SAIL makes profit
SAIL on Friday returned to black, posting a consolidated net profit of Rs 1,305.59 crore for the September quarter as higher sales volumes led to increased income.
The PSU had incurred a Rs 329.36 crore net loss a year ago.
Total income rose to Rs 29,858.19 crore from Rs 26,642.02 crore in the year- ago quarter.
Expenses were at Rs 27,768.52 crore against Rs 27,200.79 crore a year ago.