Coal India net profit jumps 52% in June quarter; expenses rise, too

State-owned Coal India (CIL) on Tuesday reported a 52.4 per cent rise in consolidated net profit at Rs 3,169.85 crore for the quarter ended on June 30, 2021, on the back of higher revenue from operations. The company had posted a consolidated net profit of Rs 2,079.60 crore in the year-ago period, Coal India said in a filing to BSE.

The consolidated revenue from operations increased to Rs 25,282.15 crore in the April-June period over Rs 18,486.77 crore in the year-ago period, the filing said. However, the consolidated expenses of the company during the quarter increased to Rs 21,626.48 crore over Rs 16,470.64 crore in the year-ago period, the filing said.

The coal production of the PSU during the quarter ending June increased to 123.98 million tonnes over 121.04 MT in the quarter ended on June 30, 2020. The offtake of raw coal during the quarter ended June 30, 2021 went up to 160.44 MT over 120.80 MT in the year-ago quarter.

Coal India accounts for over 80 per cent of domestic coal output. State-owned CIL will pump in over Rs 1.22 trillion on projects related to coal evacuation, exploration and clean coal technologies by 2023-24 to achieve 1 billion tonnes of fuel output target.

Out of the proposed spend of over Rs 1.22 trillion, 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 crore on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works.