State-run coal miner Coal India on Wednesday reported a 4.24 per cent year-on-year increase in consolidated net profit to ₹10,943.55 crore for the first quarter of the current fiscal from ₹10,498.39 crore for the same period last fiscal.
Revenue from operations grew 1.34 per cent y-o-y to ₹36,464.61 crore (₹35,983.21 crore) , according to a stock exchange filing.
The coal miner’s total expenses soared to ₹24,287.40 crore (₹24,112.82 crore). During Q1 capital expenditure grew 3 per cent y-o-y to ₹3331.44 crore.
Coal production witnessed a growth of around 8 per cent y-o-y at 189.29 million tonnes, while offtake rose by 6 per cent y-o-y to 198.50 million tonnes.
Coal India said it incorporated Bharat Coal Gasification & Chemicals (BCGCL) as a new subsidiary for the coal gasification business. The subsidiary focuses on advanced coal gasification technology to produce syngas, ammonia, nitric acid, and ammonium nitrate, which are essential for various industrial applications.
“By leveraging coal gasification, we aim to reduce the environmental footprint of coal usage and support the transition to more sustainable energy practices. This initiative enhances our project portfolio, aligning with national energy priorities and contributing to the diversification of our revenue streams,” CIL said in its latest annual report.
“CIL has tremendous potential to aim for a considerable topline boost through a mix of multi-dimensional diversification initiatives, which will pave the way for new areas of strategic growth,” it added.