Coal India reported a fall in quarterly profit for a second straight quarter on Tuesday, as the world’s largest coal miner made higher provisions for wage hikes.<\/p>\n
Consolidated net profit fell nearly 10 per cent to 79.71 billion rupees ($962.4 million) for the first quarter ended June 30, the state-run company said in an exchange filing.<\/p>\n
It had posted a 17.3 per cent fall in profit in the January-March quarter, halting a profit climb of more than 45 per cent in every quarter since the three months ended December 2021.<\/p>\n
Coal India said its provisions for wage hikes rose to 8 billion rupees from 3.24 billion rupees a year ago, cutting into its profit margin.<\/p>\n
Adding to fuel the fire was the slowing revenue growth, which grew by a bare 2.5 per cent to 359.83 billion rupees, as coal prices normalised during the quarter.<\/p>\n
The Kolkata-based company said it saw lower realisation per tonne of coal at 3,740.84 rupees in the auction segment in the first quarter, down 13.8 per cent from a year ago.<\/p>\n
This came even as India, the world’s second-largest coal consumer and importer, saw higher demand for coal, as power plants stocked up for the surge in summer electricity consumption.<\/p>\n
Coal India breached its annual production target of 700 million tonnes in fiscal 2023, the first time it had surpassed its goal since fiscal 2006.<\/p>\n
Shares of the company were down 1.2 per cent on Tuesday ahead of the results. The stock rose about 8 per cent in the April-June quarter when compared with the 8.2 per cent rise in the Nifty energy index in the same period.<\/p>\n","protected":false},"excerpt":{"rendered":"
Coal India reported a fall in quarterly profit for a second straight quarter on Tuesday, as the world’s largest coal miner made higher provisions for wage hikes. Consolidated net profit fell nearly 10 per cent to 79.71 billion rupees ($962.4 million) for the first quarter ended June 30, the state-run company said in an exchange filing. It had posted a 17.3 per cent fall in profit in the January-March quarter, halting a profit climb of more than 45 per cent in every quarter since the three months ended December 2021. Coal India said its provisions for wage hikes rose to […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[131],"tags":[],"class_list":["post-597042","post","type-post","status-publish","format-standard","hentry","category-coal"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/597042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=597042"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/597042\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=597042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=597042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=597042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}