Coal India Q1 Results: Profit falls 10% YoY to Rs 7,941 crore, but beats estimates
Coal India on Tuesday reported a 10% YoY fall in its consolidated net profit to Rs 7,941 crore for the quarter ended June 2023. The profit was, however, higher than the ET NOW poll of Rs 6,738 crore. Revenue from operations also beat the estimates at Rs 35,983 crore in the reporting period, rising by a marginal 3% YoY.
On a sequential basis, net profit rose 44% from Rs 5,528 crore reported in the preceding March quarter, while revenue dropped 6% quarter-on-quarter (QoQ). The company reported an EBITDA (earnings before interest, tax, depreciation, and amortisation) of Rs 10,513 crore in the first quarter, while margins stood at 29.2% in the same period. Other income for the June quarter increased 55% to Rs 1,537 crore, compared with Rs 994 crore in the same quarter last year.
The total expenses rose 12% YoY to Rs 26,786 crore in the April-June period. It was Rs 23,985 crore in the corresponding quarter of the previous year. The production of raw coal stood at 175.47 million tonnes in the first quarter, up from 159.75 million tonnes a year, but down from 224.16 million tonnes in the March quarter.
The offtake, meanwhile, jumped to 186.95 million tonnes in the reporting quarter, against 177.49 million tonnes in the year-ago period. It was flat when compared with 186.87 million tonnes clocked in the preceding quarter. The average realisation for raw coal stood at Rs 1,29.53 per ton, while that of washed coal is at Rs 4,405 per ton in the first quarter.
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