Coal India Q3 Results: Profit rises 17% YoY to Rs 9,069 crore; dividend declared at Rs 5.25/share

Coal India on Monday reported 17% growth in its consolidated net profit to Rs 9,069 crore for the quarter ended December 2023. The same stood at Rs 7,755 crore a year ago.

Revenue from operations rose 3% year-on-year to Rs 36,154 crore in the third quarter, compared with Rs 35,169 crore in the same period of last year.

Further, the board has declared a second interim dividend of Rs 5.25 per share for the financial year 2023-24. The company has fixed February 20 as the record date for the same and it will be paid by March 12.

With the latest dividend, the total interim dividend for FY24 stands at Rs 20.5 per share or 205% of face value. Coal India had in November last year announced a first interim dividend of Rs 15.25 per share.

On a seqeuential basis, net profit increased 33% from Rs 6,800 crore posted in the preceding September quarter. Revenues, meanwhile, jumped 10% quarter-on-quarter. EBITDA for the quarter came in at Rs 11,350 crore and margins were at 31.5%.

Total expenses during the third quarter were flat at Rs 26,268 crore as against Rs 26,246 crore in the corresponding quarter of previous year.

The profit before tax during the third quarter under review surged to an all-time high to Rs 12,375 crore, posting double-digit growth of 17% year-on-year.

Operationally, the company's coal output rose 11% year-on-year to 199 mt in the third quarter. Coal supplies were up by 9% to 191.30 mt during the quarter.

The board has also cleared the decks for the appointment of Mukesh Agrawal as Chief Finance Officer (CFO) with effect from February 13. Agrawal took over as director (finance) of the coal mining monolith on February 8.

"Evincing strong financial buoyancy, PAT and PBT for the nine-month period ending December of FY24 also reached their respective record highs for this period," the company said.

On Monday, Coal India shares closed 4.80% lower at Rs 434.30 on NSE.