Coal India Q3 results: Profit up 70% to Rs 7,756 cr on higher power demand

BENGALURU (Reuters) – State-run Coal India reported a 70.1% surge in third-quarter profit on Tuesday, beating estimates, as production at the world’s largest coal miner increased due to higher power demand amid extreme weather conditions.

Consolidated net profit rose to 77.56 billion Indian rupees ($948.35 million) for the quarter ended Dec. 31 from 45.58 billion rupees a year earlier, the company said in an exchange filing.

Analysts, on average, had expected a profit of 70.47 billion rupees, according to Refinitiv IBES data.

India, the world’s second-largest coal consumer and importer, reeled under extreme temperatures – from heatwaves in April to severe cold in northern states towards end of December – putting additional strain on power supplies.