The company said that it reported an all time high PAT for this period. The steep rise in profit came on the back of higher add-on over the notified price in eauction sale of 14.65 million tonnes (MTs) coal during Q3 FY23.

Profit before tax stood at Rs 10,593.68 crore in the quarter ended 31 December 2022, registering a growth of 68.1% to Rs 6,302.20 crore recorded in the corresponding quarter previous year.

Consolidated coal production (raw coal) rose 9.92% to 180.064 million tonnes (MT) in Q3 FY23 as against 163.819 MT posted in Q3 FY22. Meanwhile, offtake (raw coal) increased by 1.17% to 175.789 MT in Q3 FY23 as compared to 173.764 MT reported in the same period last year.

Though auction volumes were lower by 44% in current fiscal's Q3, compared to 26 MTs of similar quarter FY22, higher premiums under the e-window helped CIL in cranking up sales by Rs 2,341 crore. The realization per tonne of coal of was Rs 5,046 under auction segment, in Q3 against Rs 1,947 per tonne for comparable quarter in FY22. The jump was Rs 3,099 per tonne or 159%, Coal India stated.

Volume sale of 158 MTs and better average realization under FSA resulted in a net impact of around Rs 3,580 crore. FSA sale increased by 13.2 MTs in the Q3 FY23 compared to 144.6 MTs of previous fiscal's Q3. Realization per tonne of coal under FSA category was Rs. 1,482 in Q3 FY23 an increase of 8.2% compared to Rs 1,370 per tonne of Q3 FY22.

For 9 months FY23, the company's consolidated net profit zoomed 112.2% to Rs 22,631.96 crore on 31% surge in net sales to Rs 92,466.03 crore in 9M FY23 over 9M FY22. Coal India said that it scaled up its profit to higher orbit despite capping coal prices for the past five years amidst rising input costs especially diesel and explosives.

Earnings before interest, tax, depreciation, amelioration (EBITDA) has risen by 91% for the nine month period to Rs 31,998 crore from Rs 16,769 crore of same period in FY22. Till nine months ending December FY23 CIL output logged 16% growth at 479 MTs while supplies to coal fired plants expanded by 18.8 MTs to 432.7 MTs.

Meanwhile, the company's board has declared second interim dividend of Rs 5.25 per share for the financial year 2022-23. The record date for the same has been fixed on Wednesday, 8 February 2023 and the dividend shall be paid within 2 March 2023.

Coal India is a coal mining company engaged in the production and sale of coal. As of 31 December 2022, the Government of India held 66.13% stake in the company.

Shares of Coal India rose 0.60% to Rs 226.25 on the BSE.