Coal India rallied 4.01% to Rs 450.40 after the company's consolidated net profit jumped 17.80% to Rs 9,093.69 crore on 2.79% increase in revenue from operations to Rs 36,153.97 crore in Q3 FY24 over Q3 FY23.
Profit before tax stood at Rs 12,374.93 crore in the December 2023 quarter, up 16.81% from Rs 10,593.68 crore recorded in corresponding quarter last year.Consolidated coal production (raw coal) increased 10.51% to 198.994 million tonnes (MT) in Q3 FY24 as against 180.064 MT posted in Q3 FY23 and offtake (raw coal) increased by 8.76% to 191.195 MT in Q3 FY24 as compared to 175.789 reported in the corresponding quarter previous year.
During Q3 FY24, total expenses rose 0.08% YoY to Rs 26,268 crore. Cost of materials consumed was Rs 2,700.90 crore (down 99.24% YoY) while employee benefits expense stood at Rs 11,573.53 crore (up 0.42% YoY), finance cost stood at Rs 226.77 crore (up 11.24% YoY) during period under review.
Meanwhile, the company's board has declared second interim dividend of Rs 5.25 per equity share for the financial year 2023-24. The record date is fixed as on 20 February 2024 and payment of dividend will be made by 12 March 2024.
Further, the board has also cleared the decks for the appointment of Mukesh Agrawal as chief finance officer (CFO), CIL with effect from13 February 2024. Agrawal took over as director (Finance) of the coal mining monolith on 8 February.
Coal India is a coal mining company engaged in the production and sale of coal. As of 31 December 2023, the Government of India held 66.13% stake in the company.
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