Coal India’s Q1 profit fell by 10.1% to Rs 7,941.40 crore, but increased by 2.5% overall, beating estimates.

Coal India reported a profit for the first quarter of its fiscal year of Rs 7,941.40 crore, above expectations despite a 10.1% decrease from the same quarter last year’s profit of Rs 8,834.22 crore. Higher costs have a negative impact on the company’s profit. It reported operating revenue of Rs 35,983.21 crore, an increase of 2.5% over the first quarter of FY23’s operating revenue of Rs 35,092.17 crore. EBITDA for the company were Rs. 10,513.8 billion.

The total revenue recorded by Coal India was Rs 37,521.O3 crore, an increase of 4.0% from Rs 36,086.68 crore during Q1FY23. However, compared to Rs 23,985.31 crore during the same period last year, the overall expenses for the reviewed quarter were Rs 26,785.68 crore, up 11.7%.

While raw coal output increased to 175.476 million tonnes from 159.753 million tonnes in the corresponding quarter last year, raw coal offtake increased to 186.950 million tonnes from 177.490 million tonnes.

This month, CIL announced plans to build two thermal plants in Madhya Pradesh and Odisha for a combined expenditure of Rs 21,547 crore. While one project is slated for the Madhya Pradesh region in Amarkantak, the other is for the Odisha region’s Sundergarh area.

Coal India’s state-run chairman and managing director, PM Prasad, stated in July that the company would use “all efforts and means at its disposal” to meet its 780 million tonnes (MT) output goal for this fiscal. “On the supply side, ensuring uninterrupted coal flow to the power sector is another priority area,” Prasad had stated in a stock exchange statement by CIL.

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