Coal India Ltd.'s consolidated net profit rose in the third quarter of fiscal 2024, beating analysts' estimates.
The state-run coal producer's profit increased 17.8% to Rs 9,093.69 crore for the quarter ended December, according to an exchange filing on Friday. This compares with the Rs 7,740.13-crore consensus estimate of analysts tracked by Bloomberg.
The company's board also declared its second interim dividend of Rs 5.25 per share.
Coal India Q3 FY24 Results (Consolidated, YoY)
Revenue up 2.79% at Rs 36,154 crore vs Rs 35,169.3 crore (Bloomberg estimate: Rs 35,651.69 crore)
Ebitda up 9.47% at Rs 11,373.12 crore vs Rs 10,388.73 crore (Bloomberg estimate: Rs 9,873.9 crore).
Margin expands 191 bps to 31.45% vs 29.53% (Bloomberg estimate: 27.7%).
Net profit up 17.8% at Rs 9,093.69 crore vs Rs 7,719.11 crore (Bloomberg estimate: Rs 7,740.13 crore).
Production
The company's raw coal production for the quarter saw a 10.5% year-on-year increase to 198.994 million tonne, while raw coal offtake saw an 8.8% year-on-year rise to 191.195 million tonne.
Shares of the company closed 4.8% lower at Rs 434.30 apiece before the results were announced on Monday, as compared with a 0.76% fall in the Nifty 50.
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