Coal India has posted a 178.65% rise in its consolidated net profit at Rs 8,832.86 crore for the April-June quarter (Q1FY23). The company had posted a profit of Rs 3,169.86 crore in the year-ago period. Revenue from operations came in at Rs 35,092 crore, up 38.8% for the quarter under review as against Rs 25,282 crore in the year-ago quarter. The company’s total income also increased to Rs 36,087 crore in Q1FY23 from Rs 25,963 crore in the year-ago period.
CIL’s total expenses in the first quarter increased to Rs 23,985 crore from Rs 21,626.5 crore in the corresponding quarter of the previous fiscal. The company was able to fetch Rs 4,340 per tonne from e-auction coal. Coal India sold nearly 21 million tonne (MT) through e-auction during the April-June 2022 quarter. It has dispatched 152.49 MT of coal to the power sector during April-June 2022, a year-on-year rise of 19%.
Coal India Limited the state-owned coal mining corporate came into being in November 1975. With a modest production of 79 Million Tonnes (MTs) at the year of its inception CIL today is the single largest coal producer in the world and one of the largest corporate employers with manpower of 2,72,445 (as on 1st April, 2020).
Coal India has ten fully owned Indian subsidiary companies, Eastern Coalfields Limited (ECL), Bharat Coking Coal Limited (BCCL), Central Coalfields Limited (CCL), Western Coalfields Limited (WCL), South Eastern Coalfields Limited (SECL), Northern Coalfields Limited (NCL), Mahanadi Coalfields Limited (MCL), Central Mine Planning & Design Institute Limited (CMPDIL), CIL Navi Karniya Urja Limited and CIL Solar PV Limited. Coal India is responsible for 75 per cent of all coal-based energy production and 85 per cent of all domestic coal output.