Coal India Q3 Results: Net profit drops 21% to ₹3,084.10 crore

Coal India Ltd. today reported a 21.4% year-on-year decline in net profit to 3,084.10 crore for the year ended on 31 December and the revenue during the December quarter increased to 23,686 crore.

In the corresponding quarter in FY20 the company posted a net profit of 3,921.81 crore for the corresponding quarter in FY20 and the revenue was 23,190 crore.

The company reported total comprehensive income of 2,273.18 crore during the quarter under review against 3,669.98 crore a year ago.

The world’s largest coal miner’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose 4% year-on-year to 5,164 crore during December quarter. The operating profit was 4,968.3 crore for the same period last year.

Company’s operating margin rose 40 basis points to 21.8% in Q3FY21 from 21.4% in Q3FY20.

During the 3rd quarter, Coal India reported total net sales of 20670.59 crore from which the net sales from e-auction estimated at 3995.80 crore.

The combined production of coal recorded at 156.8 million tonnes during the December quarter. The offtake in the quarter rose nearly 9 per cent on-year to 153.85 million tonnes, the company said in the regulatory filing.

The board approved the incorporation of two wholly-owned subsidiaries — for solar value chain business vertical, and new and renewable energy.

“CIL Board in its Meeting held on date accorded its approval for incorporation of two wholly-owned subsidiaries of Coal India Limited, one for Solar value chain (lngot-wafercell- Module) business vertical and another for New and Renewable Energy subject to the approval of GOI,” the miner said in the statement.

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