State-owned Coal India Ltd (CIL) on Tuesday reported a 10.1 percent year-on-year (YoY) decline in net profit at Rs 7,941.4 crore for the first quarter that ended June 30, 2023, due to higher expenses.

In the corresponding quarter last year, Coal India posted a net profit of Rs 8,834 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 6,489 crore for the quarter under review.

In the quarter, total revenue stood at Rs 35,983.2 crore, up 2.5 percent against Rs 35,092 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 34,998 crore for the quarter under review.

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At the operating level, EBITDA falls 14.5 percent to Rs 10,513.8 crore in the first quarter of this fiscal over Rs 12,251 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 29.2 percent in the reporting quarter as compared to 4.9 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Expenses surged to Rs 26,785.68 crore from Rs 23,985.31 crore, a rise of 11.67 percent. Coal India, under the Ministry of Coal, is a leading producer and supplier of coal in India.

The results came after the close of the market hours. Shares of Coal India Ltd ended at Rs 230.25, down by Rs 2.60, or 1.12 percent on the BSE.

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(Edited by : Pradeep John)

First Published:Aug 8, 2023 6:20 PM IST