Amidst a recent development, Maharatna PSU Coal India Limited clocked a whopping 26 per cent surge in its consolidated net profit year-on-year in Q4 of FY2023-24 at Rs 8,640.45 crore. In the corresponding quarter of the previous financial year, CIL recorded a consolidated net profit of Rs 6,869.46 crore.
Even though sales were lower marginally in the March quarter of FY 2023-24 (Rs 34,263.89 crore) in comparison to the year-ago period (Rs 35,161.44 crore), reduced employee benefits expense bumped up the profit after tax (PAT) for the quarter under review. Employee benefits expense dropped from Rs 16,983.82 crore in Q4 of FY2022-23 to Rs 13,536.20 crore in Q4 of FY2023-24, a decline of Rs 3,447.62 crore.
The PSU’s board of directors met in Kolkata on May 2nd to recommend a final dividend of Rs 5 per share for the financial year ended March 2024 subject to the approval from the shareholders at the ensuing company’s annual general meeting. It must be noted that the given dividend was in addition to the interim dividend of Rs 20.50 per share which CIL had already paid earlier in the fiscal. Thus, the total dividend for the fiscal has risen to Rs 25.50 per share, which is 255 per cent of the face value of a single share.
