01-01-1970 12:00 AM | Source: Reuters
Coal India's reports 70% surge in Q3 profit on higher demand
State-run Coal India reported a 70.1% surge in third-quarter profit on Tuesday, beating estimates, as production at the world's largest coal miner increased due to higher power demand amid extreme weather conditions.
Consolidated net profit rose to 77.56 billion Indian rupees ($948.35 million) for the quarter ended Dec. 31 from 45.58 billion rupees a year earlier, the company said in an exchange filing.
Analysts, on average, had expected a profit of 70.47 billion rupees, according to Refinitiv IBES data.
India, the world's second-largest coal consumer and importer, reeled under extreme temperatures - from heatwaves in April to severe cold in northern states towards end of December - putting additional strain on power supplies.
The government has asked utilities to not retire coal-fired power plants till 2030, and is planning to use an emergency law in February to force plants that run on imported coal to maximise output in preparation for a likely record consumption this summer.
The Kolkata-headquartered company's revenue from operations grew 23.7% to 351.69 billion rupees as its coal production for the quarter jumped 9.9% to 180.064 million tonnes.
Output for the April-December period climbed 15.8% to 479.045 million tonnes.
The Indian coal ministry expects Coal India to surpass its production target of 700 mln tonnes fixed for the current fiscal.
The company declared an interim dividend of 5.25 rupees per share. Its shares closed down 0.44% at 224.85 rupees, but rose 54.1% in 2022 compared with a 4.33% rise in Nifty 50 index.
($1 = 81.7840 Indian rupees)
Latest News
$100 billion worth chips needed for India?s $300 bil...
Eco-friendly cars` sales cross 100,000 in South Kore...
Large cap stocks impacted by FII selling
India`s Kansai Nerolac reports higher profit for fif...
Berkshire pares huge Apple stake as cash, operating ...
India holds talks for closer ties on critical minera...
Astro Zindagi: Weekly Horoscope
Paytm announces leadership change to double down on ...
IDBI Bank registers 44 per cent jump in net profit f...
DMart posts 22 per cent jump in Q4 net profit at Rs ...