New Delhi: State-owned Coal India Ltd, CIL on Monday reported a 106 per cent rise in its consolidated profit at Rs 6,043.99 crore for the September quarter of FY23 on higher revenue from operations. Coal India Limited (CIL) in a filing to BSE said that the public sector enterprise had posted a consolidated profit of Rs 2,932.73 crore in the year-ago period.
The company’s consolidated revenue from operations rose to Rs 29,838.07 crore during the July-September period this year, from Rs 23,291.08 crore in the year-ago period, the filing said.
The coal giant’s consolidated spending rose to Rs 23,770.12 crore from Rs 20,424.52 crore in the year-ago period. On a standalone basis, the company’s profit jumped to Rs 2,694 crore in the second quarter from Rs 1,813.13 crore in the year-ago period.
The company’s standalone sales rose to Rs 164 crore in the July-September period from Rs 0.84 crore in the year-ago period.
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The coal production of the Maharatna firm increased to 139.228 million tonnes (MT) during the quarter ended September 30, 2022, up from 125.839 MT in the corresponding quarter of the previous fiscal.
The offtake of coal during the quarter also increased to 154.533 MT from 147.434 MT in the corresponding quarter of last financial year.
The board of the company declared the first interim dividend of Rs 15 per share for the financial year 2013.
Coal India contributes more than 80 percent of the domestic coal production. The company is targeting a production target of 700 MT in the current financial year.
Coal Minister Pralhad Joshi had earlier said that CIL would achieve the coal production target of 1 billion tonnes by 2025-26, as against the earlier deadline of 2023-24 in the wake of the COVID-19 pandemic.