Shares of Coal India were gaining on Friday as investors focused on strong growth in its bottom line over weak revenue figures.
What Happened: The state-owned firm announced a 26% growth in its consolidated net profit to ₹8,682 crore for the quarter ended March 2024. This figure exceeded analyst estimates of ₹7,627 crore.
However, revenue from operations during the quarter period saw a 2% decline year-on-year, amounting to ₹37,410 crore, compared with ₹38,152 crore in same quarter last year.
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The board also recommended a final dividend of ₹5 per share for the financial year 2023-24.
Operationally, the production of raw coal increased to 241 million tonnes in the fourth quarter, up from 198 million tonnes in the previous-year period. Similarly, offtake improved to 201 million tonnes in Q4 versus 191 million tonnes a year ago.
Total expenses during the quarter fell by 8% year-on-year to ₹28,298 crore. The company reported consolidated EBITDA of ₹11,337 crore, with margins standing at 30.3%.
Price Action: Coal India’s share price gained slightly on Friday, up 0.4% to ₹455.70 after starting the session in the red near the start of trade on Friday.
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