Coal India Ltd, the world’s largest coal miner, on Sunday reported 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees.
Consolidated net profit of `5,527.62 crore, or `8.98 per share, in January-March is compared with `6,715 crore, or `10.86 a share earning 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 coal production and dispatches to users.
The company said salaries for non-executives are due for revision from July 1, 2021 and pending finalisation of a wage agreement with unions, a provision of `5,870.16 crore has been made in the quarter.
