Shares of state-owned Coal India Ltd fell 2.7 per cent to Rs 230.7 per share in the intra-day trade on Monday after the world’s biggest coal miner reported a 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees. By comparison, the benchmark S&P BSE Sensex was up 0.7 per cent at 9:30 AM.
CIL’s consolidated net profit came at Rs 5,527.62 crore in the January-March as compared with Rs 6,715 crore in the same period a year back, according to the company’s filing with stock exchanges. The decline in profit in the fourth quarter of 2022-23 (April 2022 to March 2023) was despite higher coal production and dispatches to users.
