Coal India's net profit surged 26% to Rs 8,640 crore in Q4 FY24 despite lower sales, driven by cost efficiency and accounting changes.
Kolkata, May 2 (PTI) Coal India on Thursday said its consolidated net profit has jumped nearly 26 per cent to Rs 8,640 crore in the fourth quarter of the 2023-24 fiscal, despite lower sales.
The increase in profit was attributed to cost efficiency and benefits from changes in accounting for stripping activities for open-cast mining.
Sales revenue decreased by 2.5 per cent from Rs 35,161 crore in Q4FY'23 to Rs 34,264 crore in the quarter under review, the miner said in a regulatory filing.
The miner's total expenses were lower at Rs 28,298 crore from Rs 30,873 crore in the corresponding quarter of the previous year.
Coal production reached 241.75 million tonnes, up from 224.16 million tonnes in the year-ago period.
Profit before tax increased by Rs 3,309 crore due to changes in stripping activities accounting, it added.
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