The largest coal miner in the world, Coal India Ltd, reported a 17.3% decline in fourth-quarter earnings as a result of increased wage raise provisions. The state-run corporation reported in a filing to the stock exchange that its combined net
profit decreased to 55.33 billion Indian rupees ($677.07 million) from 66.93 billion rupees a year earlier. In rupees, net sales increased 17.3% to 351.61 billion. The business reported that it had set aside 58.70 billion rupees for salary increases, noting that, absent this provision, its quarterly profit would have reached its greatest level ever. India, the second-largest consumer and importer of coal in the world, experienced increased demand as power plants stored up on the fuel in preparation for a spike in summer electrical demand.
The company, which is based in Kolkata, reported greater coal realisation per tonne at 4,526 rupees under auction sector in the fourth quarter, up 86% from a year earlier. The financial year 2022–2023 marked the first time since the fiscal year that concluded in March 2006 that Coal India exceeded its annual output target of 700 million tonnes.
