Coal India posted its fiscal first quarter profit at Rs 7,941.40 crore, down 10.1 per cent as against Rs 8,834.22 crore during the corresponding quarter of last year, surpassing estimates. The company’s profit was dragged by higher expenses. It posted revenue from operations at Rs 35,983.21 crore, up 2.5 per cent in comparison to Rs 35,092.17 crore during the first quarter of FY23. According to CNBC TV18 estimates, Coal India was expected to record the Q1 profit at Rs 6,489 crore and revenue at Rs 34,998 crore during the quarter ended June 2023. The company EBITDA stood at Rs 10,513.8 crore.
Coal India reported a total income of Rs 37,521.O3 crore, up 4.0 per cent from Rs 36,086.68 crore during Q1FY23. However, the total expenses during the quarter in review was at Rs 26,785.68 crore, up 11.7 per cent as against Rs 23,985.31 crore during the same period last year.
While the raw coal production was at 175.476 million tonnes, up from 159.753 million tonnes during the year-ago quarter, the off take of raw coal was at 186.950 million tonnes as against 177.490 during Q1FY23.
Earlier this month, CIL said it is planning to set up two thermal plants with an investment totaling Rs 21,547 crore in Odisha and Madhya Pradesh. While one project is planned near Amarkantak in Madhya Pradesh, the other is at Sundergarh district, in Odisha.
In July this year, PM Prasad, who assumed the charge of chairman-cum-managing director of state-run Coal India, had said the company would achieve the 780 million tonne (MT) output target for this fiscal with “all efforts and means available at its disposal”. “On the supply side, ensuring uninterrupted coal flow to the power sector is another priority area,” Prasad had said in a stock exchange filing by CIL.