Maharatna PSU Coal India Limited (CIL) reported a 22% decline in consolidated profit, totalling Rs. 6,274.80 crore for the quarter ending September 30, 2024, primarily due to reduced sales. In the same quarter last year, the company posted a consolidated net profit of Rs. 8,048.64 crore, as noted in a regulatory filing.
The consolidated income for the July-September period fell to Rs. 32,177.92 crore, down from Rs. 34,760.30 crore in the previous fiscal’s second quarter. Consolidated sales also decreased to Rs. 27,271.30 crore, compared to Rs. 29,978.01 crore during the same period last year. The board has declared an interim dividend of Rs. 15.75 per share for 2024-25.
CIL’s board has also approved the closure of CIL Solar PV Ltd (CSPL), a wholly-owned subsidiary. The closure process is expected to take 8-10 months. CIL indicated that CSPL has not engaged in any commercial activities since its establishment.
The company highlighted that Central Public Sector Enterprises face restrictions in sourcing cheaper solar PV manufacturing technologies from countries sharing a land border with India, including China. This creates an uneven playing field, impacting project feasibility.
In terms of coal production, CIL achieved a 10% increase, reaching 773.6 million tonnes in the 2023-24 fiscal year, though it fell short of its target of 780 million tonnes. For comparison, the previous fiscal year’s output was 703.2 million tonnes. CIL is responsible for over 80% of the country’s domestic coal production.
