Coal India Q2 Results: Net profit declines 21% to ₹6,289 crore, revenue down 6% YoY; dividend declared
- Coal India Q2 Results: The state-run miner's revenue from operations in the second quarter of the current fiscal fell 6.4 per cent to ₹30,672.9 crore
Coal India Q2 Results: Coal India (CIL) announced its July-September quarter results for fiscal 2023-24 (FY24) on Friday, October 25, reporting a decline of 22 per cent in consolidated net profit to ₹6,289.10 crore on the back of lower sales, compared to ₹8,048.6 crore in the corresponding period last year.
The state-run miner's revenue from operations in the second quarter of the current fiscal fell 6.4 per cent to ₹30,672.9 crore, compared to ₹32,776 crore in the year-ago period. The MahaRatna public-sector undertaking (PSU) accounts for 80 per cent of the country's domestic coal production.
Coal India Q2 Results: Key Metrics
Coal India has posted a 10 per cent rise in its coal output at 773.6 million tonnes in the 2023-24 fiscal year. However, the output fell short of its 780 MT production target for the 2023-24 financial year. The PSU produced 703.2 million tonnes (MT) of coal during the preceding 2022-23 fiscal. Ahead of the announcement of Q2FY25 results, shares of Coal India settled 3.36 per cent lower at ₹461.15 apiece on the BSE.
On the operating front, Coal India's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the September quarter dropped 14.2 per cent to ₹8,617 crore, compared to ₹10,038.2 crore in the same period last year. Margin came in at 28.1 per cent in the second quarter compared to 30.6 per cent in the year-ago period.
The world's largest state-owned coal producer declared the first interim dividend of ₹15.75 per share for FY25 with the Q2 results. The record date for the interim dividend payment was fixed as November 5, 2024.
“The Board of Directors at its meeting held on date, declared 1st interim dividend for the financial year 2024-25 @Rs.15.75 per share on the face value of ₹10 as recommended by the Audit Committee of CIL at its meeting held on the date,” said CIL in a regulatory filing to the stock exchanges.
“The company has fixed Tuesday, November 5 as the “record date” for the purpose of declaration of the first interim dividend on equity shares for the Financial year 2024-25. The date of payment of the 'first interim dividend' for FY 2024-25 shall be November 24, 2024,” added Coal India.
CIL said its board has approved the closure of CIL Solar PV Ltd (CSPL), a wholly-owned subsidiary of the PSU. CSPL's closure is expected to be completed within 8-10 months. Since its inception, CSPL has not undertaken any commercial activities. Central Public Sector Enterprises “are restricted to procure cheaper alternatives of solar PV manufacturing technologies from countries sharing land borders with India, including China, which results in an uneven playing field and impacts the feasibility of the project.”
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Business NewsCompaniesCompany ResultsCoal India Q2 Results: Net profit declines 21% to ₹6,289 crore, revenue down 6% YoY; dividend declared
First Published:25 Oct 2024, 09:17 PM IST
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