Coal India Limited | Business Upturn

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

Devanshu Singla — Thu, 11 Feb 2021 11:05:35 +0000

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.

Coal India aims to substitute imported dry fuel with domestic supplies in FY21

Divya Joyce — Thu, 17 Dec 2020 08:40:56 +0000

State-run Coal India is planning to substitute imported dry fuel of 80-85 million tonne with more domestic supplies in the current fiscal and the miner has asked power plants in the coastal areas to submit proposals for a gradual increase of its supplies to these units to reduce foreign exchange outgo, the Coal India official said on Thursday.

“We are expecting to substitute 80-85 million tonne of imported coal this year and have asked the coastal power plants to submit proposals to us and the Railways for domestic supplies,” Coal India director marketing S N Tiwari said at an event organized by Mjunction.

The country had imported 248 million tonnes of coal in 2019-20, resulting in an outflow of around Rs 1 lakh crore of foreign exchange, the official said.

The government will consider offering concessions on various counts such as quality and freight to make domestic coal attractive over the imported fuel, Tiwari said.

Coal India plans to set up 3 GW solar power projects at Rs 5650 cr

Divya Joyce — Mon, 23 Nov 2020 10:29:40 +0000

Coal India Ltd, the world’s largest coal miner, said on Monday it would invest 56.50 billion rupees ($763 million) by March 2024 to build 14 solar projects to help power its mining operations and cut costs.

The state-run company will fund nearly two-thirds of its plan to construct rooftop and ground-mounted solar power projects with a capacity of 3,000 megawatts (MW) with cash.

A joint venture with lignite miner NLC India Ltd would finance the rest of the company’s solar expansion, it said in a statement.

“The solar power initiative helps Coal India Ltd (CIL) reduce its whopping annual power consumption expense,” the company said, adding that such costs accounted for 4.4% of its annual costs.

Coal India plans to produce 1 billion tonnes of coal a year by 2023/24. The miner’s output fell for the first time in more than two decades in 2019/20 to nearly 603 million tonnes.

Separately, the miner has set up a joint venture with NTPC Ltd, India’s largest electricity generator, and signed an agreement with Solar Energy Corporation of India for solar projects of 1,000 MW each, it said.

“Besides establishing solar projects, CIL is in discussions with NTPC Limited for purchase of 140 MW solar power,” Coal India said.

Coal India Q2 PAT slides 16% to Rs 2,952 crore

News Desk — Thu, 12 Nov 2020 09:27:25 +0000

The state-run Coal India consolidated net profit dropped 16.21% to Rs 2,951.60 crore on a 2.62% increase in revenue from operations to Rs 19,484.15 crore in Q2 September 2020 over Q2 September 2019.

Meanwhile, the company said it incorporated a joint venture company with NLC India by the name of ‘Coal Lignite Urja Vikas’ on 10 November 2020.

On a consolidated basis, profit before tax (PBT) declined 5.05% to Rs 4,060.79 crore in Q2 September 2020 against Rs 4,277.15 crore in Q2 September 2019. Current tax expense for the quarter soared to Rs 1,168.30 crore as against Rs 75.65 crore paid in Q1 September 2019. The Q2 result was declared after trading hours today.

Consolidated coal production (raw coal) jumped 10.56% to 114.98 million tonnes (MT) in Q2 FY21 as against 103.99 million tonnes (MT) in Q2 FY20. Offtake (raw coal) soared 9.40% to 133.96 MT in Q2 FY21 against 122.44 MT in Q2 FY20. The company sold 134.08 MT of coal worth Rs 19,484.15 crore in Q2 September 2020. The average realization stood at Rs 1,453.21 per tonne.

The board approved an interim dividend for FY21 at Rs 7.50 per share. The record date is set on 20 November 2020. Shares of Coal India (CIL) rose 0.92% to Rs 125.90 on BSE.

CIL is a coal mining company, which is engaged in the production and sale of coal. As of 30 September 2020, the Government of India held a 66.13% stake in the company.

Coal India Q2 profit boosts up 14 % to Rs 3522 crore

Shalmali Bhagwat — Wed, 11 Nov 2020 12:07:36 +0000

State-run Coal India on Monday reported a 14 per cent rise in consolidated net profit at Rs 3,522.7 crore for the quarter ended September. The company’s delivered a net profit of Rs 3,084.54 crore in the year-ago period, it said in a regulatory filing.

Its total income, however, dropped down to Rs 22,012.94 crore in the July-September quarter of financial year 2019-20 from Rs 23,486.35 crore in the corresponding period of previous fiscal. Despite the fall in total income, Coal India’s net profit witnessed a rise as its tax outgo declined significantly to Rs 754.25 crore from Rs 2,031.71 crore in the year-ago quarter.

Coal India Limited is an Indian public sector coal mining and refining company headquartered in Kolkata, West Bengal, India. It is the largest coal-producing company in the world and a Maharatna public sector undertaking. The company contributes around 82% to the total coal production in India.