CIL's Profit Dips by 22% Amid Declining Sales & Strategic Shifts

State-owned Coal India Ltd (CIL) reported a 22% drop in profits for the quarter ending September 30, 2024, primarily due to decreased sales. The company also announced an interim dividend and plans to close its subsidiary, CIL Solar PV Ltd, within 8-10 months.

Coal India Ltd (CIL) witnessed a significant 22% decline in consolidated profit, amounting to Rs 6,274.80 crore, for the quarter ending September 30, 2024. This downturn comes amidst falling sales figures compared to the previous year.

The state-owned company had previously recorded a consolidated net profit of Rs 8,048.64 crore during the same period last year, as divulged in a regulatory filing. Additionally, CIL's income for July-September also saw a downward shift to Rs 32,177.92 crore from Rs 34,760.30 crore in the comparable quarter of the last fiscal year.

Despite producing over 773.6 million tonnes of coal in the 2023-24 fiscal, CIL missed its production target of 780 million tonnes. Meanwhile, the board declared a Rs 15.75 per share interim dividend and approved the closure of its inactive subsidiary, CIL Solar PV Ltd, within eight to ten months.

(With inputs from agencies.)