Coal India Q3 Results: Profit Jumps 70%, Beats Estimates
Coal India's Q3 profit increased to Rs 7,755.6 crore from Rs 4,558.4 crore a year ago.
Coal India Ltd. reported better than estimated earnings for the quarter ended December, driven by a spike in production, which resulted in a 70% rise in net profit.
The coal mining major reported a 24% year-on-year rise in consolidated revenue of Rs 35,169.3 crore for the period under review in its exchange filing on Tuesday, against an analyst forecast of Rs 33,187.36 crore.
Profit increased to Rs 7,755.6 crore from Rs 4,558.4 crore a year ago, the company's statement said. Analysts tracked by Bloomberg had estimated net income of Rs 7,678.03 crore for the period.
Coal India Q3 FY23 Highlights (Consolidated, YoY)
Ebitda was up 52% at Rs 10,388.72 crore versus Rs 6,825.5 crore. Analysts had forecast it at Rs 9,546.30 crore.
Ebitda margin at 29.5% versus 24%, and compared to an estimate of 28.80%.
In the quarter, Coal India registered raw coal production of 180.06 million tonnes, compared to 163.82 million tonnes a year ago.
The offtake of raw coal during the period was 175.79 million tonnes, up from 173.76 million tonnes in the corresponding quarter of the previous year.
At its meeting to approve the financial results for the December quarter, the board of Coal India declared an interim dividend of Rs 5.25 per share.
The record date for the dividend has been pegged at Feb. 8, 2023, and it shall be paid by March 2, 2023, the company said.
Prior to the results, the Coal India stock closed 0.44% lower at Rs 224.90, compared to a 0.08% rise in the Sensex to 59,549.90.