Riding on the back of a higher volume growth and better realisation from e-auctions and imported coal, Coal India Ltd posted a 106 per cent jump in consolidated net profit to ₹6,044 crore for Q2 FY23 compared with ₹2,933 crore in the year-ago quarter.

Net sales on a consolidated basis increased 29 per cent to ₹27,539 crore (₹21,293 crore). The company’s board has declared first interim dividend for FY23 at ₹15 per share of face value of ₹10 each. It has fixed November 16 as the record date for the purpose of its declaration and December 6 as the date of payment/despatch of the dividend, the company said in a notification to stock exchanges on Monday.

Production rises

The company witnessed nearly 11 per cent rise in production of coal at 139.228 million tonnes in Q2 (125.839 mt). Coal offtake was up nearly 5 per cent at 154.53 mt (147.43 mt).

The average realisation through e-auction route was close to ₹6,062 a tonne during the quarter. Sequentially, the average realisation was up nearly 40 per cent from around ₹4,340 a tonne in Q1. CIL sold close to 0.09 mt of coal valued at ₹123.84 crore during the quarter.

“The growth in profit is on the back of a lower base effect last year, a good growth in volumes and better realisation from e-auctions. The volume growth during same period last year was low and realisation was nearly flattish but this year e-auction prices have been better due to high international coal prices,” Rupesh Sankhe, analyst at Elara Capital India, told businessline.

The company’s scrip closed at ₹249.50, up 1.42 per cent on the BSE on Monday.

Qty (million tonne)Net Sales (₹ crore)Avg realisation (₹ per tonne)
FSA 141.6420,024.671,413.75
e-auction10.366,282.456,061.51
Sale of imported coal0.09123.8413,529.69
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