Coal India Ltd. declared a second interim dividend of Rs 5.6 per share at a face value of Rs 10 for financial year 2024–25.
The company has set Jan. 31 as the record date for the dividend and the payment for the same will be made by Feb. 26, according to an exchange filing on Monday.
Earlier in October, the coal producer announced its first dividend of Rs 15.75 apiece to its shareholders.
Coal India's profit fell to Rs 8,506 crore, representing a 17% dip for the quarter ended Dec. 31 as compared to Rs 10,253 crore for the year-ago period.
Revenue slipped 1% to Rs 35,779.7 crore for the October-December quarter as compared to Rs 36,154 crore for the same quarter in the previous fiscal.
On Jan. 23, Achyut Ghatak was announced as the director (technical) of Coal India, succeeding B Veera Reddy who stepped down from the post on Aug. 31, 2024.
Coal India currently has an ambitious production target of 1 billion tonnes by fiscal 2027. The company has also guided for 838 million tonnes of production in fiscal 2025.
While the company's production has grown at a much higher rate compared to its historical average in the last two years, analysts believe that India's largest coal miner might have set the bar too high.
Shares of Coal India closed 1.91% lower at Rs 375.75 apiece on the NSE, compared to a 1.14% fall in the benchmark Nifty. The share price has fallen 8.98% in the last 12 months.
Out of 25 analysts tracking the company, 19 maintain a 'buy' rating on the stock, four recommend a 'hold' and two suggest 'sell' according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 34%.
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