The Government-owned coal mining and refining corporation, Coal India, announced its financial results for the first quarter of FY23 on 10th August 2022. The company reported its profit after tax (PAT) at Rs. 8,832.86 crore during Q1 FY23, up a whopping 176.85% YoY (year on year) from Rs. 3,169.86 crore in Q1 FY22.
The growth in profits was aided by an increase in the revenue from operations of Coal India which stood at Rs. 35,092.17 crore in Q1 FY23, up 38.8% YoY from Rs. 25,282.75 crore in Q1 FY22.
The production of raw coal during the quarter was reported at 15.975 crore tonnes in Q1 FY23, up 28.85% YoY from 12.398 crore tonnes in Q1 FY22, with the net sales of raw coal at Rs. 31262.79 crore.
The off-take raw coal stood at 17.749 crore tonnes in Q1 FY23, showing a growth of 10.63% YoY from 16.044 crore tonnes in Q1 FY22. Additionally, the quantity of washed coal stood at 18.8 lakh tonnes, realising a revenue of Rs. 835.81 crore during the quarter ended 30th June 2022.
The earnings per share (EPS) of the company stood at Rs. 14.33 in Q1 FY23, up 2.79 times, or 178.79% YoY, from Rs. 5.14 crore in Q1 FY22. Ahead of the results, the Coal India share closed in the green at Rs. 219.80 apiece, up 2.04% from the previous day’s closing price.