Coal India Ltd (CIL) has posted a lower net profit of Rs 7,971.04 crore for the quarter ended June 2023, down 21.25% from Rs 10,148.96 crore in the same quarter last year.
The consolidated revenue of CIL for the quarter stood at Rs 38,241.76 crore, up 17.45% from Rs 32,789.22 crore in the same quarter last year.
The lower net profit was due to a number of factors, including lower realizations, higher expenses, and a one-time gain of Rs 1,266.28 crore in the same quarter last year.
The average realization of CIL for the quarter stood at Rs 2,478.13 per tonne, down 2.11% from Rs 2,532.12 per tonne in the same quarter last year.
The total expenses of CIL for the quarter stood at Rs 29,270.72 crore, up 19.91% from Rs 24,320.26 crore in the same quarter last year.
The one-time gain in the same quarter last year was due to the sale of non-core assets.
Despite the lower net profit, CIL's board of directors has recommended a dividend of Rs 3 per share for the quarter ended June 2023.
The board has also approved the raising of Rs 40,000 crore through bonds and non-convertible debentures.
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