Coal India Q4 profit drops marginally by 1% to Rs 4,587 crore

Coal India | Representative Image

State-owned Coal India on Monday reported a marginal 1.1 per cent decline in its consolidated profit at Rs 4,586.78 crore for the quarter ended March 2021 on the back of lower sales. The coal behemoth had posted a consolidated profit of Rs 4,637.95 crore in the same period a year ago, Coal India Ltd (CIL) said in a filing to the BSE.

Its consolidated sales in the January-March period declined to Rs 24,510.80 crore, from Rs 25,597.43 crore in the March quarter of 2019-20, the filing said. However, the expenses of the company during the January-March 2021 quarter dropped to Rs 21,565.15 crore from Rs 22,373.046 crore in the year-ago period.

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In a separate filing, the company said that the board of directors has recommended final dividend of Rs 3.50 per equity share of face value of Rs 10 each for the financial year 2020-21. However, it is subject to approval of the members at the ensuing annual general meeting of the company.

The production of CIL during the quarter dropped to 203.42 million tonnes (MT) over 213.71 MT in the corresponding quarter of 2020. The company's offtake during the January-March period was at 164.89 MT, over 164.33 in the corresponding quarter of 2020.

CIL accounts for over 80 per cent of domestic coal output. The company is eyeing one billion tonnes of output by 2023-24.