The profit after tax (PAT) for Coal India Limited (CIL) for the financial year 2022-23 increased dramatically by 62% from Rs. 17,378 crore in FY22 to Rs. 28,125 crores. Annualized PAT grew by 61%, surpassing the previous record of Rs. 17,464 crore in 2018-19, set to reach an all-time high. Coal India said in a statement, higher volume of sales and higher premium in e-auctions have resulted in higher profitability of the company.
During Q4FY23, the company reported a net profit of Rs. 5,527.62 crore less 6,715.00 Cr reported during Q4FY22, a decline of 18% YoY. “Both PBT and PAT have reduced by 18% as compared to the same quarter of FY22, mainly due to increase in provision for wages in NCWA-XI. Had the provision not been made, PAT would have been the highest ever profit in any quarter, Coal India said in a statement.
Coal India said the company lifted its profit to a higher orbit despite reducing its coal prices over the past five years amid rising input costs, especially diesel and explosives, and a rise in wage costs due to provisioning in the accounts.
Net sales grew 17% to Rs. 35,161 crore in Q4 FY23 from Rs. 29,985 crore in Q4 of FY’22. Net Sales of CIL Rs. 1,27,627 crore during the entire 2022-23 financial year. As compared to Rs. 1,00,563 crore over the previous year, which is an increase of 27%. The company said that its EBITDA during FY23 rose by 49% to Rs. 40,291 crore from Rs. 26,974 crore in FY’22.
Although the number of e-auction sales fell 41% in Q4, from 27.65 MT in the comparable quarter of FY22 to 16.40 MT in Q4, the higher premium pushed e-auction sales to Rs. 690 crores. As compared to the corresponding quarter in FY22, the realization per tonne of the coal auction segment was Rs. 4,526 in Q4. The increase was Rs. 2,092, or 86%, per ton.
However, for the entire year 2022-2023, the realization per tonne of coal sold through digital auction increased by 157.6% to Rs. 4,841 from Rs. 1,879 in FY’22. FSA sales were flat at Rs. 1,475 as opposed to Rs. 1,406 in FY’22.
Due to sale of higher quantity of 17.34 MT under FSA and better average realization of about Rs. The net result was 3,879 crore in the fourth quarter. FSA sales increased to 167.45 MT in Q4 FY23 from 150.11 MT in Q4 last year. Q4 FY’22 Rs. Revenue increased by 5%. 1,470 per tonne coal. 1,550 per tonne under the FSA category.
The company’s board of directors, which met on May 7, recommended a final dividend. 4 per share for FY23.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,