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.
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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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