PSU Stocks Update: Coal India announces impressive quarterly results
Coal India Limited is gearing up to release quarterly results from January to March 2024. The company has announced a significant increase in net profit, reaching approximately 26% to 8,640 crore rupees. Margin has also increased from 24.5% to 30.3%. In the meantime, the company has also rewarded investors with a 50% dividend.
On Thursday (2nd May), the share closed at 453 rupees, with a return of 92% over the past year. In its notification to the exchange, Coal India stated that its net profit on a consolidated basis has increased by 25.8% annually to 8,640 crore rupees. Revenue for the company decreased by about 2% to 37,410 crore rupees. The company’s EBITDA increased by 21.5% to 11,338 crore rupees. Operating profit margin has increased from 24.5% to 30.3% year-on-year.
The board of directors of Coal India has announced a 50% dividend based on a marked price of 10 rupees per share, amounting to 5 rupees per share. Currently, there is no information available on the record date. Previously, the company had issued an interim dividend of 5.25 rupees in February.
In the fourth quarter, Coal India’s coal production was 24.1751 crore tons, compared to 22.416 crore tons in the same quarter last year. Coal dispatch in the fourth quarter was 20.1665 crore tons, compared to 18.6877 crore tons in the same quarter last year. The company’s net sales in the fourth quarter stood at 34,263.89 crore rupees, compared to 35,161.44 crore rupees in the same quarter of the previous fiscal year.
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