Coal India's Q2 Net Profit Soars 13% To Rs 6,814 Cr
State-owned Coal India reported a 13 per cent increase in consolidated net profit, coming in at Rs 6,814 crore, for the quarter that ended on 30 September, 2023,
A weak monsoon drove increased production and higher power demand, which in turn drove the profit. Compared to the combined net profit of Rs 6,044 crore recorded during the same time last year, this indicates a significant increase.
The coal giant announced a 10 per cent increase in consolidated revenue from operations during Q2FY24, reaching Rs 32,776 crore. In comparison, Q2FY23's consolidated revenue from operations was Rs 29,838 crore.
The corporation made a big announcement by announcing an interim dividend of Rs 15.25 per share. 21 November has been designated as the record date for the interim dividend, with the payment scheduled for 9 December.
On Friday, Coal India's shares closed unchanged at Rs 323.45 on the BSE.
While the firm's total expenses increased by 9.4 per cent to Rs 26,000 crore, driven by higher employee and contractual costs, its raw material expenses witnessed a 15.1 per cent reduction.
In May, Coal India had implemented an 8 per cent price hike for high-grade non-coking coal. This strategic move was projected to generate an additional revenue of Rs 2,703 crore during the fiscal year.
