Coal India Q3 profit drops 21 pc to Rs 3,085 cr

State-owned CIL on Thursday reported 21.3 percent fall in consolidated net profit at Rs 3,085.39 crore for the quarter ended December 31, 2020.

The company had posted a net profit of Rs 3,923.87 crore in the year-ago period, Coal India Ltd (CIL) said in a filing to BSE.

Income during October-December 2020-21 slipped marginally to Rs 24,334.62 crore from Rs 24,602.19 crore in the year-ago period, the filing said.

CIL's production during the quarter under review increased to 156.78 million tonnes (MT) from 147.50 MT in the corresponding quarter of the previous fiscal year.

Coal India accounts for over 80 percent of the domestic coal output. In a separate filing the company said its board has accorded approval for incorporation of two wholly-owned subsidiaries, one for solar value chain (Ingot-wafer cell-module) business vertical and another for new and renewable energy.

However, the nod is subject to approval of the government, the filing said.

CIL will pump over Rs 1.22 lakh crore in projects related to coal evacuation, exploration, and clean coal technologies by 2023-24, to achieve 1 billion tonnes of fuel output target, the government had said earlier.

Out of this proposed spend, CIL has planned to invest Rs 32,696 crore on coal evacuation, Rs 25,117 crore on mine infrastructure, and Rs 29,461 crore on project development by 2023-24.

The state-owned company will also invest Rs 32,199 crore on diversification and clean coal technologies, Rs 1,495 crore on social infrastructure and Rs 1,893 crore on exploration works.

The investment of Rs 1.22 lakh crore will be utilized to fund total 500 projects.

The company is eyeing 1 billion tonnes of coal output by 2023-24.