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Coal India hikes non-coking coal prices by 8%

31-May-23 08:49Hrs IST

The hike is expected to generate an incremental revenue of Rs 2,703 crore for the balance period of FY24.

The board of directors of CIL has approved price increase of 8% over the existing notified prices for high grade coal of grade G2 to G10. This will be applicable to all subsidiaries of Coal India including NEC (North Eastern Coalfields) for regulated and non-regulated sectors. Due to this revision, CIL will earn approx. incremental revenue of Rs 2703 crore for the balance period of financial year 2023-24. All add-ons would be as per the extant practice, CIL said in a statement on 30 May 2023.

CIL is a coal mining company engaged in the production and sale of coal. As of 31 March 2023, the Government of India held 66.13% stake in the company.

CIL's consolidated net profit fell 17.33% to Rs 5,533.23 crore in Q4 FY23 from Rs 6,692.94 crore recorded in Q4 FY22. Net sales jumped 17.26% year on year to Rs 35,161.44 crore in Q4 FY23.

Shares of CIL fell 0.73% to Rs 244.35 on Tuesday, 30 May 2023.

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