Coal India Q2 net profit almost flat at Rs 2,937 crore; revenue rises by 10%

State-owned CIL on Friday reported an almost flat consolidated net profit of Rs 2,936.91 for the quarter ended September 30.  The company had posted a net profit of Rs 2,948.12 crore in the corresponding quarter last year, Coal India Ltd (CIL) said in a filing to the BSE.

Its consolidated revenue from operations during July-September 2021 increased to Rs 23,291.08 crore, compared with Rs 21,153.07 crore in the year-ago period. The consolidated total expenses during the quarter increased to Rs 20,424.52 crore, against Rs 18,177.82 crore a year ago.

CIL’s coal production in the quarter ended September 30, 2021, stood at 125.83 million tonnes (MT), compared with 114.98 MT in the year-ago quarter. The offtake of the dry fuel increased to 147.43 MT, against 134.33 MT a year ago.

The company said that sales from e-auction in July-September stood at Rs 4,304.29 crore with an average realisation of Rs 1,593.36 per tonne. Coal India Ltd accounts for over 80 per cent of the total domestic coal output.

State-owned CIL will pump in over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve one billion tonnes of fuel output target.

Out of the proposed spend of over 1.22 lakh crore, CIL has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure and Rs 29,461 crore on project development by 2023-24. It will also invest Rs 32,199 on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works. The investment of Rs 1.22 lakh crore will be utilised to fund a total of 500 projects. The company is targeting one billion tonnes of coal output by 2023-24.

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