Coal India Q2 Results, Profit declines 22% to Rs 6,289 crore, declares dividend of Rs 15.75

State-owned Coal India Ltd, reported a 21.9% year-on-year (YoY) decline in net profit at Rs 6,289 crore for the second quarter that ended on September 30, 2024.

The company's revenue from operations dipped 6.4% to Rs 30,672.9 crore as against Rs 32,776 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA fell 14.2% to Rs 8,617 crore in the second quarter of this fiscal over Rs 10,038.2 crore in the corresponding period in the previous fiscal. Meanwhile, EBITDA margin stood at 28.1% in the reporting quarter compared to 30.6% in the corresponding period in the previous fiscal.

 

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EBITDA is earnings before interest, tax, depreciation, and amortization.  Coal India has posted a 10% rise in its coal output at 773.6 million tonnes in the 2023-24 fiscal year. However, the output fell short of its 780 MT production target for the 2023-24 financial year. It had produced 703.2 million tonnes (MT) of coal during the preceding 2022-23 fiscal. CIL accounts for over 80% of domestic coal output.

The board of directors has declared the first interim dividend for the financial year 2024-25 @Rs 15.75 per share on the face value of Rs 10 as recommended by the Audit Committee of CIL. The company has fixed Tuesday, November 5, 24 as the "Record Date" to declare the first Interim Dividend on equity shares for the FY 2024-25.

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The "1st Interim Dividend" payment date for FY 2024-25 shall be November 24, 2024. The board members also approved the closure of CIL Solar PV Ltd (CSPL), a wholly-owned subsidiary of the company. The closure of CSPL is expected to be completed within 8-10 months. Since its inception, CSPL has not undertaken any commercial activities, it said.

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