Coal India turns ex-dividend today: Payment and other details inside
2 min read . Updated: 08 Feb 2023, 03:18 PM IST
Premium- The largest producer of coal is Coal India Limited (CIL), which has been granted the privileged status of Maharatna by the Indian government.
The largest producer of coal is Coal India Limited (CIL), which has been granted the privileged status of Maharatna by the Indian government. In Q3FY23, the company declared an interim dividend of Rs.5.25 per share and for the purpose of the same the company had fixed 8th February 2023 as the record date in order to determine the eligibility of the shareholders and due to the T+1 settlement of India the stock is turning ex-dividend today.
Coal India has said in a stock exchange filing that the Board of Directors has “declared 2nd Interim Dividend for the financial year 2022-23 @ Rs.5.25 per share of the face value of ₹10/- as recommended by the Audit Committee of CIL at its meeting held on date. As already intimated to stock Exchanges vide letter no CIL:XI(D):4157/4156:2022 dated 18.01.23, the company has fixed Wednesday, 8th Feb’ 2023 as the “Record Date" for the purpose of declaration of 2nd Interim Dividend on equity shares for the Financial year 2022-23. The date of payment of “2nd Interim Dividend" shall be within 2nd March’23."
According to BSE, the Board of Directors proposes the record date in to determine the shareholders who are entitled to corporate actions like dividend payments, bonus shares, and stock splits. As a result, investors must have shares in their Demat accounts by the record date in order to receive dividends. The price of an equity share of the company is adjusted for the dividend payment on the ex-dividend day, which falls one day after the cum dividend date.
In the nine months leading up to December of FY'23, Coal India Limited (CIL) amassed a sizable consolidated profit after tax (PAT) of Rs. 22,597 Crores. The previous record-setting PAT for the corporation throughout the course of a full financial year was Rs. 17,464 crores in 2018–19. In comparison to Rs. 10,663 Crores for the comparable period of FY'22, the net profit for April through December of FY'23 increased significantly by a strong y-o-y growth of 112%, while the net profit for the third quarter of the current fiscal year increased significantly to Rs. 7,719 Crores, pinging in at a sturdy 69% growth. This is a record high for this time period in any year up to this point. The PAT for CIL for the same quarter of FY'22 was Rs. 4,557 Crores.
“The steep rise in profit came on the back of higher add-on over the notified price in e-auction sale of 14.65 million tonnes (MTs) coal during Q3 FY’23," said Coal India in a statement. Comparing the third quarter of the previous FY to the current quarter, the company's net sales rose 25% year on year to Rs. 32,429 Crores. EBITDA increased by 91% over the course of the nine months to Rs.31,998 Crores from Rs.16,769 Crores during the same period in FY'22. Up until the nine months ending in December of FY'23, CIL output had grown by 16% to 479 MT, while supplies to coal-fired plants had increased by 18.8 MT to 432.7 MT.
The shares of Coal India were trading today at ₹215.65 apiece level on the NSE, up by 0.56% from the previous close of ₹219.70.
