Coal India's 2022-23 net profits rise 62 per cent

New Delhi [India], May 8 : Coal India's (CIL) profit after tax (PAT) for financial year 2022-23 posted a massive 62 per cent growth at Rs 28,125 crores compared to Rs 17,378 crores of 2021-22, thereby sustaining strong financial fundamentals.

Climbing to an all-time high, the annual net profits bested the previous high of Rs 17,464 Crores recorded in 2018-19 by 61 per cent, according to coal major's data released on Sunday.

The company attributed higher volume sales and increased premiums in e-auction for the company's profitability.

Further, its revenue from operations was at Rs 1,38,252 crore in 2022-23, as against 1,09,715 crore in 2021-22.

The company's Board that met on Sunday also recommended the payment of a final dividend of Rs four per share to its investors. Earlier in two tranches a total dividend of Rs 20.25 per share was already paid out.

A dividend is a reward that compes often provide to their shareholders, though not mandatory, from a portion of their earnings.

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