Coal India announced its June quarterly results on Wednesday evening.

What Happened: Coal India reported a 4.24% increase in net profit to ₹10,943.55 crore compared to ₹10,498.39 crore in the same quarter of the previous year. The company’s revenue from operations rose 1.33% to ₹36,464.61 crore from ₹35,983.21 crore in the previous year. The numbers beat the estimates of ₹7,347 crore net profit and ₹35,879 crore revenue.

Analysts had predicted a decline in Coal India’s net profit for the April-June quarter, primarily attributing it to reduced eAuction premiums. This reduction was a consequence of lower global coal prices and sufficient domestic production.

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Production of raw coal by the company rose to 189.28 million tonnes from 175.47 million tonnes in the previous year. Offtake of raw coal increased to 198.50 million tonnes compared to 186.95 million tonnes in the corresponding quarter. Its overburden removal increased to

The company’s total capex increased 3% to ₹3,331.44 crore.

Price Action: Shares of Coal India closed 0.60% up to ₹522.45 on Wednesday’s session.

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