Coal India Q4 profit drops 18% on wage bill
image for illustrative purpose
New Delhi: Coal India Ltd, the world's largest coal miner, on Sunday reported 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees.
Consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in January-March is compared with Rs 6,715 crore, or Rs 10.86 a share earning in the same period a year back, according to the company's filing with stock exchanges. The decline in profit in the fourth quarter of 2022-23 (April 2022 to March 2023) was despite coal production and dispatches to users.
The company said salaries for non-executives are due for revision from July 1, 2021 and pending finalisation of a wage agreement with unions, a provision of Rs 5,870.16 crore has been made in the quarter. This is compared with Rs 475.28 crore provision in January-March 2022.
For the full 2022-23 fiscal, Coal India made a provision of Rs 8,152.75 crore as against Rs 1,080.97 crore provided in the previous 2021-22 financial year. Coal production rose 7 per cent to 224.16 million tonne in the quarter ended March 31. Offtake increased to 186.877 million tonne in the quarter as compared to 180.249 million tonne in the period ended March 31, 2022.
