State-owned coal mining company Coal India on Tuesday reported a 50.1 percent growth in its consolidated net profit at Rs 4,566.71 crore for the third quarter ended December 31, 2018, helped by higher coal production. The world's biggest coal miner had posted consolidated net profit of Rs 3,042.57 crore in the same quarter last year. Total revenue of the company rose by 15.38 per cent to Rs 25,045.83 crore as compared to Rs 21,707.04 crore in the same quarter a year ago.
Supply of coal to power sector by Coal India Ltd (CIL) has increased by 7.3% year-on-year to 407.02 million tonnes in the current year, coal ministry said. The supply is likely to further increase after the opening of the Dhanbad-Chandrapura line which will facilitate faster coal extraction from Bharat Coking Coal Limited, a subsidiary of CIL. The increased coal supply has led to comfortable stock position held by thermal power plants. As on February 4, power plants held 20.87 million tonnes coal stock, an increase of 42% over the stock holding in the year-ago period.
Coal India Ltd on Wednesday said its board would consider and approve buyback of its equity shares on February 4. The company, on Tuesday, had announced that its three subsidiaries - Mahanadi Coalfields, South Eastern Coalfields, and Northern Coalfields - proposed to buy back their equity shares aggregating Rs 1,065 crore (Rs 355 crore each). Shares of Coal India on Wednesday closed at Rs 225.45, up by 1.21% on BSE.