National miner Coal India’s (CIL’s) profit for the financial year 2023-24 increased 62 per cent year-on-year (YoY) to an all-time high of Rs 28,125 crore, riding on the back of high production and sale of coal.
The company’s profit during the fourth quarter, however, slid by 18 per cent to Rs 5,528 crore, owing to an increased provision towards wages, CIL said.
“CIL lifted its profit into higher orbit despite the company capping its coal prices for over the past five years amidst rising input costs, especially diesel and explosives, and increased wage cost due to provisioning in the accounts,” CIL said in a public statement.
