State-owned Coal India Limited (CIL)'s integrated profit declined by 22 per cent to Rs 6,274.80 crore for the quarter ending 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 same quarter a year ago, Coal India Ltd (CIL) said in a regulatory filing. According to PTI news, the integrated income 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 declined to Rs 27,271.30 crore during the second quarter, which was 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 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 in 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 Enterprises are restricted from purchasing cheaper alternatives to solar PV manufacturing technologies from countries sharing land borders with India, including China, resulting in an uneven playing field impacting project feasibility. Coal India has reported a 10 per cent increase in its coal production to 773.6 million tonnes in the 2023-24 financial year.
However, the production remained below its 780 MT production target for the 2023-24 financial year. 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 percent.
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