Maharatna PSU, engaged in the business of mining and production of Coal jumped 5 percent in the day’s trade, following the release of its Q3FY24 results and interim dividend of Rs. 5.25.
With a market capitalization of Rs. 2,72,208 Crores, the shares of Coal India Limited were trading at Rs. 441.70, up 2 percent from its previous day’s close price of Rs. 433.05.
Its revenue from operations grew by 2.79 percent YoY from Rs. 35,169.33 Crores in Q3FY23 to Rs. 36,153.97 Crores in Q3FY24 and it grew 10.30 percent QoQ from Rs. 32,776.41 Crores in Q2FY24 to Rs. 36,153.97 Crores in Q3FY24.
Its Net Profit grew by 17.80 percent YoY from Rs. 7,719.11 Crores in Q3FY23 to Rs. 9,093.69 Crores in Q3FY24 and it grew 33.46 percent QoQ from Rs. 6,813.5 Crores in Q2FY24 to Rs. 9,093.69 Crores in Q3FY24.
In addition to this, it has declared a 2nd interim dividend for the financial year 2023-24 of Rs. 5.25 per equity share and it has fixed February 20, 2024, as the record date to determine the eligible shareholders of the company to receive the dividend.
Coal India Limited’s coal output of 199 MT in Q3 FY 2024 posted around 11 percent y-o-y growth against the 180.06 MTs. Coal supplies were up by 9 percent to 191.30 MT during the quarter against 175.8 MT of last fiscal’s third quarter.
Nuvama Research has maintained a buy rating on the company, along with increasing its target price from Rs. 500 to Rs. 561, which has an upside potential of 29 percent.
Coal India Limited is a Maharatna Central Public Sector Enterprise mainly engaged in the business of mining and production of Coal and it also operates Coal washeries. It accounts for over 80 percent of the domestic coal production.
Written by: Bharath K.S
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