New Delhi: Government-owned Coal India limited (CIL) announced a 22 pc decrease in its combined earnings to Rs 6,274.80 crore for the quarter concluding on September 30, 2024 due to reduced sales. In a regulatory filing the company reported a consolidated net profit of Rs 8,048.64 crore in the previous year.
In the July-September quarter, the PSU's combined revenue decreased to Rs 32,177.92 crore from Rs 34,760.30 crore in the second quarter of the previous fiscal year. The company's combined sales in the second quarter dropped to Rs 27,271.30 crore from Rs 29,978.01 crore in the previous year. The board announced the initial dividend of Rs 15.75 per share for the financial year 2024-25.
After Revenue Decline, CIL Approves Shutdown of CSPL
CIL's board has given the green light to shut down CIL Solar PV Ltd (CSPL), a company owned entirely by CIL. The conclusion of CSPL is anticipated to finish in 8-10 months. CSPL has stated that it has not engaged in any commercial activities since it was established. Central Public Sector Enterprises are only allowed to purchase less expensive Solar PV manufacturing technologies from neighboring countries like China, causing an unfair advantage that affects the project's viability.
Coal India has recorded a 10 percent increase in its coal production, reaching 773.6 million tonnes in the fiscal year 2023-24. Nevertheless, the production for the 2023-24 financial year did not reach the set target of 780 MT. 703.2 million tonnes (MT) of coal were mined in the previous 2022-23 fiscal year. The company is responsible for more than 80 percent of coal production within India.
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