NEW DELHI : State-run Coal India Ltd reported nearly 62% growth in its consolidated net profit on Sunday €28,124.94 million for FY23.
NEW DELHI : State-run Coal India Ltd reported nearly 62% growth in its consolidated net profit on Sunday €28,124.94 million for FY23.
According to a company statement, this is the highest net profit the company has reported to date. The previous record was €17,464 crores was reported in 2018-19.
According to a company statement, this is the highest net profit the company has reported to date. The previous record was €17,464 crores was reported in 2018-19.
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In the previous fiscal year (FY22) the company had reported a net income of €17,378.42 million.
The mining major’s total operating income was at last fiscal year €1.38 trillion, up 26% year-on-year.
A company statement said the growth in net profit occurred despite the provision of €8,153 crore in accounts in 2022-23 for CIL non-executive workforce wage revision.
“Higher sales volumes and higher premiums at e-auctions have boosted the company’s profitability,” it said.
CIL has put its earnings into higher orbit despite capping its coal prices over the past five years amid rising input costs, particularly diesel and explosives, and increased labor costs due to accruals in the accounts, it said.
The company’s board of directors met on Sunday and recommended payment of a final dividend of €4 per share. Previously, in two tranches, a total dividend of €20.25 per share has already been paid out.
Although e-auction sales of 16.40 million tonnes in Q4 were down 41% in volume from 27.65 tonnes in the comparable quarter FY22, higher premiums under the e-window CIL helped boost e-auction sales €690 crores.
The realization per ton of coal was €4,526 under auction segment in Q4 against €2,434 in the same quarter of FY22. The jump was Rs. 2,092 per tonne or 86%.
The company’s net sales were their highest ever for both the fourth quarter and full fiscal 23. Net Sales at Rs. 35,161 crores in Q4 FY23 compared to 17% higher €29,985 crores in fourth quarter FY22. For the full year 2022-23, CIL’s net sales were €1.27 trillion. This is a jump of 27% compared to €1 trillion of the previous fiscal year.
