State-owned Coal India Limited (CIL) on August 8 reported a consolidated net profit of Rs 7,941.4 crore for the quarter ended June, down 10 percent compared to Rs 8,834.22 crore in the same quarter last year.
However, net profit for Q1FY24 beat analyst estimates. According to an average of the standalone estimates from three brokerage firms, the company was expected to report a net profit of Rs 6,125 crore.
Revenue from operations came in at Rs 35,943.21 crore, rising 2.5 percent percent from Rs 35,092.17 crore in the year-ago quarter, the world's largest coal miner said in an exchange filing.
The company's total income increased 3.9 percent to Rs 37,521.03 crore in Q1FY24 from Rs 36,086.68 crore in the year-ago period.
CIL's total expenses in the first quarter increased 11.5 percent to Rs 26,745.68 crore from Rs 23,985.31 crore in the corresponding quarter of the previous fiscal.
One of the reasons for the increase in expenses has been CIL's decision to increase wages of its non-executive staff. The stock exchange filing on August 8 stated, "The agreement for salary and wages of non executive employees (NCWA -XI) effective from 01.07.2021 has been implemented in June, 2023 and salaries for June 2023 onwards are being paid at the revised rate."
The company said raw coal production was at 175.476 million tonnes during the quarter, up from 159.753 million tonnes in the comparable quarter last year.
Off-take of raw coal was at 186.950 million tonnes, compared to 177.490 million tonnes in the year ago quarter.
Ahead of the earnings announcement, shares of the company were down 1.16 percent, closing at Rs 230.25 on August 8.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
