Coal India Shares Surge Over 4% Post Strong March Quarter Earnings

Shares of Coal India Ltd (CIL), the government-owned coal giant, saw a notable uptick, climbing over 4% following the company's impressive performance in the March quarter. Here's a breakdown of the latest developments:

Coal India shares advance over 4% after March quarter earnings

Stock Performance: At the Bombay Stock Exchange (BSE), CIL shares surged by 4.15% to reach Rs 472.10, while at the National Stock Exchange (NSE), the price rallied by 3.97% to Rs 471.95.

Robust Profit Growth: CIL reported a remarkable 26.2% increase in consolidated net profit for the quarter ending March. The company's net profit stood at Rs 8,682.20 crore, compared to Rs 6,875.07 crore in the corresponding period last year. This growth was primarily attributed to higher supplies of coal.

Decline in Income: Despite the surge in profit, CIL's consolidated income for the January-March period declined to Rs 39,654.50 crore from Rs 40,371.51 crore in the previous year.

Annual Performance: For the entire fiscal year 2023-24, CIL recorded a PAT (Profit After Tax) growth of 17.8% year-on-year, reaching Rs 37,369 crore. This solid performance reaffirms CIL's position as a key player in India's domestic coal production, accounting for over 80% of the country's total output.

Investors have responded positively to CIL's strong financial performance, reflecting confidence in the company's ability to navigate challenges and deliver consistent growth.