Coal news and updates

Coal India Q3 net rises 69%

Kolkata: Coal India’s (CIL) profit after tax (PAT) during the third quarter of the ongoing fiscal rose 69% to Rs 7,719 crore from Rs 4,557 crore in the year-ago period. The steep rise in profit came on the back of higher add-on over-the-notified price in e-auction sale of 14.6 million tonne (MT) coal during Q3 of 2022-23.
“Though auction volumes were lower by 44% in the Q3 of the current fiscal, compared to 26 MT of the year-ago period, higher premiums under the e-window helped CIL in posting sales by Rs 2,341 crore.
The realisation per tonne of coal of was Rs 5,046 under auction segment, in Q3 against Rs 1,947 per tonne for comparable quarter in FY’22. The jump was Rs 3,099 per tonne or 159%,” CIL has stated. The profit after tax for the first nine months was Rs 22,597 crore.
“The sheer scale of profit eclipsed the highest profit after tax that CIL previously achieved for an entire financial year, which was Rs 17,464 crore in 2018-19,” it added. tnn