State-owned Coal India Limited (CIL)’s integrated profits declined 22 per cent to Rs 6,274.80 crore for the quarter ended September 30, 2024. This was due to lack of sales. The company on Friday reported a consolidated net profit of Rs 8,048.64 crore in the year-ago quarter, Coal India Ltd (CIL) said in a regulatory filing. According to PTI News, the integrated revenue of PSUs declined to Rs 32,177.92 crore in the July-September period from Rs 34,760.30 crore in the second quarter of the last financial year.
Integrated sales declined to ₹27,271.30 crore.
According to the news, the company’s integrated sales decreased to Rs 27,271.30 crore during the second quarter, compared to Rs 29,978.01 crore in the same quarter last year. The board has declared a first interim dividend of Rs 15.75 per share for 2024-25. Coal India said its board of directors has approved the closure of the company’s wholly owned subsidiary, CIL Solar PV Limited (CSPL). The closure of CSPL is expected to be completed over a period of 8-10 months.
Ban on buying cheap options
CIL Solar PV Ltd said it has not undertaken any commercial activity since its inception. Central public sector companies are unable to purchase cheaper alternatives to solar PV manufacturing technologies from countries that share land borders with India, including China, creating an uneven playing field that affects project viability. Coal India has reported a 10 per cent increase in its coal production to 773.6 million tonnes in the financial year 2023-24.
However, production remained below its production target of 780 MT for the financial year 2023-24. It had produced 703.2 million tonnes (MT) of coal during the last financial year 2022-23. CIL’s share in domestic coal production is more than 80 per cent.
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