The total consolidated sales volume of Coal India in the fiscal year 2023-24 climbed by 10 percent to 773.64 million tonnes, as per the data shared by the company with the stock exchanges on May 2.
In FY23, the company's consolidated sales volume stood at 753.54 MT.
Coal India also noted that its overall sales volume in the fourth quarter of FY24 came in at 241.75 MT, which was eight percent higher as compared to 201.65 MT recorded in the year-ago period.
The Q4 numbers also mark a 21.5 percent sequential growth, as the total sales in the preceding quarter stood at 199 MT.
The company’s coal supplies shot up to 201.6 MTs in the Q4 FY 2023-24, up by eight percent compared to 186.9 MTs of the corresponding quarter in FY 2023. This gave the heft to the company’s profitability.
In February 2024, the state-owned company's Chairman and Managing Director (CMD) PM Prasad said that Coal India has set a target to produce 838 million tons (MT) of coal in the financial year 2024-25, of which 661 MT will be supplied to the power sector alone.
India is stepping up coal-fired generation capacity as peak electricity demand is likely to touch 256.5 GW in 2024 from a record 243 GW in 2023. Government officials expect electricity demand to surge to a high of 384 GW in 2031-2032.
To meet the sharp rise in India's power demand, the government has had to rely on imported coal so as to ease the pressure on domestic coal. On December 6, 2023, Singh said despite the country reeling under a shortage of domestic coal, widespread power cuts and blackouts were averted in September 2022 because of the government's mandate of using imported coal for blending at thermal power plants.
On May 2, Coal India's shares on BSE closed trading 0.5 percent lower at Rs 452 apiece.
The state-owned company also said that the board has declared its third interim dividend for financial year 2023-24 at Rs 5 per share.
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 face value of a single share.
Coal India on May 2 reported 26 percent rise in consolidated net profit at Rs 8,640.5 crore for the quarter ended March 31, 2024. The government-owned company had reported a net profit of Rs 6,869.5 crore in the year-ago period.
There was rise in CIL's bottom line despite its revenue from operations falling nearly 2 percent to Rs 37,410.4 crore in the quarter under review from Rs 38,152.3 crore in the same quarter last year.
Moreover, CIL’s consolidated sales also fell to Rs 39,654.4 crore in the January-March period from Rs 40,371.5 in the corresponding period of the previous fiscal year, a decrease of 1.8 percent.
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