Coal India Q3 profit slips 16% amid lower offtake, subdued power demand
The Hindu
net sales also lowered 5% YoY to ₹30,818 crore
Coal India’s net profits in the third quarter of the ongoing financial year slipped 16% on a year-over-year (YoY) basis led by lower coal offtake as power demand moderated amidst a prolonged spell of monsoon, and an increased share of renewables in power generation.
The state-owned coal producer posted a net profit of ₹7,166 crore in the December-end quarter, against ₹8,491 crore in the comparable period last year.
Coal offtake, that is the total volume of coal supplied, slipped about 3% YoY to 188.66 million tonnes (MT) during the reported quarter.
The Kolkata-headquartered producer’s net sales also lowered 5% YoY to ₹30,818 crore during the mentioned period. Overall revenues also slipped 5% YoY to ₹34,924 crore during the period.
As for its physical performance, in the December-end quarter, Coal India’s production dipped marginally by 1% to 200.05 MT.
Along with their results, the state-owned producer announced their third interim dividend in the ongoing financial year of ₹5.50 per equity share.
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