State-owned Coal India Ltd on Tuesday reported a 70.1 per cent rise in consolidated net profit at Rs 7,755.5 crore for the quarter ended December 2022 on the back of higher sales.
The consolidated sales of the company during the October-December period increased to Rs 32,429.46 crore, over Rs 25,990.97 crore a year ago
State-owned Coal India Ltd on Tuesday reported a 70.1 per cent rise in consolidated net profit at Rs 7,755.5 crore for the quarter ended December 2022 on the back of higher sales.
The company had posted consolidated net profit of Rs 4,558.3 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing.
The consolidated sales of the company during the October-December period increased to Rs 32,429.46 crore, over Rs 25,990.97 crore a year ago.
In a statement, the PSU said 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 coal during the third quarter of FY23.
Though auction volumes were lower by 44 per cent in the third quarter of current fiscal, compared to 26 million tonnes of similar quarter FY22, higher premiums under the e-window helped CIL in cranking up sales by Rs 2,341 crore.
The realisation per tonne of coal was Rs 5,046 under auction segment, in the third quarter against Rs 1,947 per tonne for comparable quarter in FY22. The jump was Rs 3,099 per tonne or 159 per cent.
"CIL's post tax profit during Q3 of the ongoing fiscal rose sharply to Rs 7,719 crore clocking a robust 69 per cent growth. This is also a historic high for this period in any year till now. For the comparable quarter of FY22 CIL's PAT was Rs 4,557 crore," the firm said.
Volume sale of 158 million tonnes and better average realisation under Fuel Supply Agreement (FSA) resulted in a net impact of around Rs 3,580 crore.
FSA sale increased by 13.2 million tonnes in the December quarter over 144.6 million tonnes.
Realisation per tonne of coal under FSA category was Rs 1,482 in the October-December period of FY23, an increase of 8.2 per cent compared to Rs 1,370 per tonne of FY22.
The company's net sales were up 25 per cent at Rs 32,429 crore compared to Rs 25,991 crore of the third quarter of previous financial year.
Its board gave approval for the payment of second interim dividend of Rs 5.25 per share.