Q4 FY24: Coal India Ltd posts 26% rise in net profit, declares final dividend

New Delhi: State-run Coal India Limited has posted a 26 percent rise in consolidated net profit year-on-year in Q4 of FY2023-24 at Rs 8,640.45 crore. In the corresponding quarter of the previous financial year, the PSU had recorded a consolidated net profit of Rs 6,869.46 crore. Even though sales were lower marginally in the March quarter of FY 2023-24 (Rs 34,263.89 crore) in comparison to the year-ago period (Rs 35,161.44 crore), reduced employee benefits expense bumped up the profit after tax (PAT) for the quarter under review. Employee benefits expense dropped from Rs 16,983.82 crore in Q4 of FY2022-23 to Rs 13,536.20 crore in Q4 of FY2023-24, a decline of Rs 3,447.62 crore.

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However, on a quarter-on-quarter basis, Coal India recorded a 15 percent decline in consolidated net profit. The company has posted PAT of Rs 10,154.68 crore in Q3 of FY2023-24.

Coal India’s consolidated net profit for FY24 up 17.8%

Coal India’s consolidated net profit for the entire financial year 2023-24 went up by 17.8 percent in comparison to the previous financial year. The PSU recorded a consolidated net profit of Rs 37,369.13 crore in FY2023-24 as opposed to Rs 31,722.98 crore in FY2022-23. Sales for FY2023-24 were higher year-on-year at Rs 1,30,325.65 crore as opposed to Rs 1,27,627.47 crore in FY2022-23. EBITDA, buoyed by the company positive operating performance, rose to Rs 51,793 crore registering 8.5 percent growth against Rs 47,723 crore of the previous fiscal year.

Coal India’s standalone net profit for Q4 of FY24 saw a 6.30 percent increase year-on-year at Rs 3,336.22 crore in comparison to Rs 3,138.26 crore in Q4 of FY23. However, on quarter-on-quarter basis, the company’s PAT dropped by 64.19 percent. Coal India recorded a net profit of Rs 9,316.40 crore in Q3 of FY24. However, for the entire fiscal 2023-24, Coal India’s standalone PAT went up 6.51 percent at Rs Rs 15,766.83 crore, up from Rs 14,802.31 crore in FY2022-23.

Coal India board recommends final dividend of Rs 5 per share

The company’s board which met on Thursday in Kolkata has recommended a final dividend of Rs 5 per share for the financial year ended March 2024 subject to the nod from the shareholders at the ensuing company’s annual general meeting. This was in addition to the interim dividend of Rs 20.50 per share CIL had already paid earlier in the fiscal. Thus, the total dividend for the fiscal climbs to Rs 25.50 per share which is 255 percent of the face value of a single share.

CIL contributed Rs 60,140 cr to Central, state governments

During FY 2023-24, the state-owned coal mining behemoth contributed Rs 60,140 crore to the government ex-chequer, both Central and the States, where it operates. The company’s coal supplies shot up to 201.6 MT in the Q4 FY2023-24, up by 8 percent compared to 186.9 MT of the corresponding quarter in FY2022-23.

CIL produced 241.75 MT of coal in the fourth quarter of FY2023-24, chalking up a robust 7.8 percent growth over a high base of 224.16 MTs during the same quarter of the last fiscal. The average realisation per tonne in Fuel Supply Agreements (FSA) was Rs 1,535.54/per tonne, while that for e-auction was Rs 2,545.01/tonne, a premium of 65.74 percent.

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