State-owned Coal India reported a 10% year-on-year decline in its consolidated net profit to Rs 7,941 crore for the quarter ending in June 2023. However, the profit exceeded the ET NOW poll's estimate of Rs 6,738 crore.

Revenue from operations also surpassed expectations, reaching Rs 35,983 crore in the reporting period, showing a marginal 3% year-on-year increase.

Sequentially, net profit rose by 44% from Rs 5,528 crore reported in the previous March quarter, while revenue dropped by 6% quarter-on-quarter.

During the first quarter, the company reported an EBITDA (earnings before interest, tax, depreciation, and amortisation) of Rs 10,513 crore, with margins standing at 29.2%.

Other income for the June quarter increased by 55% to Rs 1,537 crore compared to Rs 994 crore in the same quarter of the previous year.

Total expenses rose by 12% year-on-year to Rs 26,786 crore in the April-June period, compared to Rs 23,985 crore in the corresponding quarter of the previous year.

In terms of production, raw coal output stood at 175.47 million tonnes in the first quarter, up from 159.75 million tonnes a year earlier, but down from 224.16 million tonnes in the March quarter.

Meanwhile, offtake increased to 186.95 million tonnes in the reporting quarter, compared to 177.49 million tonnes in the year-ago period. Offtake remained nearly unchanged compared to the 186.87 million tonnes in the preceding quarter.

The average realization for raw coal was Rs 1,29.53 per ton, while washed coal was at Rs 4,405 per ton in the first quarter.

On Tuesday, the company's shares closed 1.09% lower at Rs 230.4 on the NSE.

The government stated on Tuesday that it has not formulated any plan to phase out old coal-based thermal power plants in the country.