Latest News | Coal India Net Profit Up 26 Pc in Q4'FY24 to Rs 8,640 Cr
Get latest articles and stories on Latest News at LatestLY. Coal India on Thursday said its consolidated net profit has jumped nearly 26 per cent to Rs 8,640 crore in the fourth quarter of the 2023-24 fiscal, despite lower sales.
Kolkata, May 2 (PTI) Coal India on Thursday said its consolidated net profit has jumped nearly 26 per cent to Rs 8,640 crore in the fourth quarter of the 2023-24 fiscal, despite lower sales.
The increase in profit was attributed to cost efficiency and benefits from changes in accounting for stripping activities for open-cast mining.
Sales revenue decreased by 2.5 per cent from Rs 35,161 crore in Q4FY'23 to Rs 34,264 crore in the quarter under review, the miner said in a regulatory filing.
The miner's total expenses were lower at Rs 28,298 crore from Rs 30,873 crore in the corresponding quarter of the previous year.
Coal production reached 241.75 million tonnes, up from 224.16 million tonnes in the year-ago period.
Profit before tax increased by Rs 3,309 crore due to changes in stripping activities accounting, it added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)