Coal India share price hits fresh 52-week high as PSU's profit triples in Q1 - key highlights

Coal India share price gained around 3 per cent in the opening session on Thursday on account of strong Q1 earnings. On the NSE, Coal India share price opened at Rs 226 apiece and made a high of Rs 226.80 -- also its fresh 52-week high. On the BSE as well, the scrip touched a fresh 52-week high of Rs 226.10.

Coal India on Wednesday reported almost three-fold rise in consolidated net profit at Rs 8,832.86 crore for June quarter 2022-23 on the back of higher sales. The company had posted a net profit of Rs 3,169.86 crore in the year-ago period, Coal India Ltd (CIL) said in a filing to BSE.

Revenue from operations during April-June period increased to Rs 35,092.17 crore from Rs 25,282.75 crore in the year-ago quarter.

Net sales in the first quarter rose to Rs 32,497.9 crore from Rs 23,293.65 crore earlier.

The company's output in April-June period increased to 159.75 million tonne (MT) from 123.98 MT in the corresponding quarter of previous fiscal.

Coal India accounts for over 80 per cent of domestic coal output. The company is eyeing one billion tonne of production by 2023-24.

Coal India shares have gained around 10 per cent in the last one month while 34 per cent year-to-date and over 45 per cent in the last one year.

Coal India Limited is a state-owned coal mining corporation. It was founded in 1975. Coal India, which has headquarters in Kolkata, is the largest coal producer in the world. It is a Maharatna public sector undertaking (PSU).