Coal India Kolkata: State-owned Coal India Limited (CIL) announced a consolidated net profit of Rs 7,941.4 crore for the quarter ended June, marking a 10 percent decline compared to the Rs 8,834.22 crore reported in the same quarter of the previous year.
However, the net profit for Q1FY24 surpassed analyst expectations. The company's performance exceeded estimates, as the average of standalone estimates from three brokerage firms projected a net profit of Rs 6,125 crore.
The revenue from operations stood at Rs 35,943.21 crore, reflecting a 2.5 percent increase from the Rs 35,092.17 crore recorded in the corresponding quarter of the previous year. This information was provided by the world's largest coal miner in an exchange filing.
Total income for CIL experienced a 3.9 percent growth, reaching Rs 37,521.03 crore in Q1FY24 compared to Rs 36,086.68 crore in the same period last year.
The total expenses incurred by CIL in the first quarter saw an 11.5 percent rise to Rs 26,745.68 crore from the Rs 23,985.31 crore reported in the corresponding quarter of the previous fiscal year.
CIL's choice to raise the wages of its non-executive staff has contributed to the escalation in expenses.
According to the stock exchange filing on August 8, "The agreement for salary and wages of non-executive employees (NCWA -XI) effective from 01.07.2021 has been implemented in June, 2023 and salaries for June 2023 onwards are being paid at the revised rate."
Raw coal production for the quarter stood at 175.476 million tonnes, showing an increase from 159.753 million tonnes in the corresponding quarter of the previous year.
Meanwhile, the off-take of raw coal reached 186.950 million tonnes, compared to 177.490 million tonnes in the same quarter of the previous year.
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