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Black Diamond’s Magic: Coal India’s Profit Soars 148 Per Cent To Touch Rs 17,462 Crore
The Coal Bhawan of Coal India Limited at Rajarhat in Kolkata. (Indranil Bhoumik/Mint via GettyImages)
State-owned Coal India Limited (CIL) has reported a bumper growth in profits for the recently concluded financial year (FY) of 2018-19, reports Business Today. The net consolidated profits of the company rose a remarkable 148 per cent to reach Rs 17,462.18 crore against Rs 7,038.44 crore of FY 2017-18.
Along with profits, the net revenue of the company also grew. The total revenue of CIL rose from Rs 91,625.25 crore to Rs 1,05,420.62 crore marking a jump of significant 15 per cent.
Further, the public sector company produced 606.89 million tonnes of coal in FY 2018-19 compared to 567.37 million tonnes in the previous year. The war coal off-take of the company also rose from 580.239 million tonnes to 608.14 million tonnes in the FY 2018-19 which ended on 31 March.
It should be noted that the January-March quarter alone witnessed the net consolidated profits jumping over four times to Rs 6,024.2 crore against Rs 1.302.6 crore in the same period from a year ago.
This was achieved due to higher sales and lower expenses. The net expenses of the company in the January-March quarter declined from Rs 27,369.5 crore to Rs 21,473.1 crore.
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