Coal India Limited (CIL), a PSU company, said on Wednesday that its aggregate net profit fell 55% to Rs 2,079.60 crore in the first quarter of its financial year (April-June). According to the stock market, the company had a net profit of Rs 4,629.67 crore. In the same quarter a year ago. The company had sales of Rs 17,007.10 crore during the period compared to Rs 23,223 crore in the previous period.
They have reduced the total expenditure from Rs 19,077.44 crore to Rs 16,470.64 crore
In the June quarter, the company’s total expenditure reduces to Rs 16,470.64 crore, compared to Rs 19,077.44 crore in the previous year. During this period, the company’s consolidated coal production has dropped from 13.694 million tonnes to 121.54 million tonnes. During the same period, coal reserves fell from153.49 million tonnes to 120.42 million tonnes.
Coal India accounts for over 80% of the country’s total coal production
Coal contributes over 80 percent of India’s total coal production. The company aims to achieve an annual production target of one billion tonnes by 2023-24. Coal Minister Prahlad Yoshi said on Tuesday that Coal India Limited plans to invest more than Rs 1.22 lakh crore in coal mining, exploration, and clean coal technology projects to achieve a billion-tonne production target by 2023-24.
The company will invest Rs 1.22 lakh crore for 500 projects
The minister said that out of the proposed cost of Rs 1.22 lakh crore; the company wants to invest Rs 32,696 crore for coal mining, Rs 25,117 crore for the mining infrastructure. Rs 29,461 crore for project development. In addition, the company plans to spend Rs 32,199 crore on diversification and clean coal technology. Rs 1,495 crore on social infrastructure, and Rs 1,893 crore on research work. Coal India invested Rs 1.22 lakh crore in 500 projects.