Bumper Q3 earnings fuel 2% rally in Coal India shares
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Coal India: Coal India Q3 profit surges 69% YoY to Rs 7,719 crore. Revenue grows 24% to Rs 35,169 crore on strong realisation. The country’s largest coal mining company recorded profit at Rs 7,719 crore for quarter ended December FY23, rising 69% YoY on the back of higher add-on over the notified price in e-auction sale of 14.65 million tonnes (MTs) coal during the quarter. Consolidated revenue grew by 24% YoY to Rs 35,169 crore for the quarter with strong realisation. The realization per tonne of coal of was Rs 5,046 under auction segment, in Q3FY23 against Rs 1,947 per tonne for comparable quarter in FY22. The jump was Rs 3,099 per tonne or 159%.
Shares of Coal India rose as much as 2 percent on February 1, reacting to bumper earnings posted by the mining giant. At 9.20am, shares of the coal major were trading 0.9 percent higher at Rs 227 on the BSE.
The state-run miner reported a consolidated net profit of Rs 7,755.55 crore for the quarter ended December, implying a growth of 70.13 percent over Rs 4,558.39 crore a year ago.
Coal India mopped up a massive consolidated profit after tax of Rs 22,597 crore in the nine months to December FY23, which is at an all-time record high. The sheer scale of profit eclipsed the highest bottomline it achieved for the entire financial year 2018-19 at Rs 17,464 crore, the company said in an exchange filing.
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