Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Coal India, a state-owned coal miner, declared a higher-than-expected ₹9,093.69 crore consolidated net profit for the third quarter of this fiscal year, rising 17.81% year over year. The coal behemoth had reported a net profit of ₹7,719.11 crore for the third quarter last fiscal.
The company’s revenue during the period under review surged 2.79% y-o-y at ₹36,153.97 crore, against ₹35,169.33 crore in the third quarter last fiscal, buoyed by higher coal sales. Total expenses stood at ₹26,268 crore in Q3 FY24, compared to ₹26,246.44 crore in Q3 FY23, the company said in a stock exchange filing.
Coal India, in a release, said its net profit during the third quarter of this fiscal was the “highest PAT earning” during the third quarter of any year since the company’s listing. “Evincing strong financial buoyancy, PAT and PBT for the nine-month period ending December of 2024 also reached their respective record highs for this period,” the company said.
Net profit at ₹23,849 crore during April-December 2023 witnessed a jump of 6% over the year growth, compared to ₹22,597 crore during the corresponding period, 2022. During the nine months ended December of FY24, EBITDA increased to ₹32,451 crore, compared to ₹31,998 crore in April-December of FY23.
CIL’s coal output of 199 MT in Q3 FY24 saw 11% y-o-y growth, against 180.06 MT in Q3 FY23. Coal supplies were up 9% to 191.30 MT during the quarter against 175.8 MT in the third quarter last fiscal.
Total supply of coal through the fuel supply agreement (FSA) was 172.3 million tonnes (MT) during Q3FY24 and the average realisation per tonne from the FSA sales was ₹1531.98 per tonne. In Q3FY23, FSA sales were 157.83 MT and the average realisation was ₹1481.91 per tonne.
The company’s board gave its nod for a second interim dividend of ₹5.25 per share for FY24. The board also cleared the decks for appointment of Mukesh Agrawal as chief finance officer of the coal major effective from February 13, 2024. He took over as the director (finance) of the company in February, 2024.
Also Read : Break-even and stabilisation of NMDC Steel plant likely by Q2-FY25 BHEL net profit drops over 25% to ₹489.6 cr in Q4
Coal India Limited (CIL) has announced ambitious plans to establish 3 gigawatts (GW) of solar power...
Large Corporate 23-Feb-2024
Tamilnadu Coke & Power Ltd (TNCPL) has received orders for ₹23 crore in low ash metallurgical co...
Mid Corporate 07-Feb-2024
Steel MSMEs may experience a deceleration in growth for the current financial year, according to the...
Business 23-Aug-2024
Retail sales of passenger automobiles fell 9.48% month over month and 1% year over year in May. The...
Automobiles 10-Jun-2024
1️⃣ Indian alloy steelmakers seek trade protection against Chinese imports.2️⃣ Anti-dumping duties c...
Business 27-Mar-2025
Rourkela, India – Steel Authority of India Limited (SAIL) has kicked off construction for a ne...
Construction 28-Feb-2025