Coal India Q4 Profit Drops 18% On Wage Bill; Record Net Profit In FY23
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New Delhi: Coal India Ltd, the world's largest coal miner, on Sunday reported a 17.7 percent drop in its March quarter net profit on higher provisions made for wage revision of employees. Consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in January-March, is compared with Rs 6,715 crore, or Rs 10.86 a share earning in the same period a year back, according to the company's filing with stock exchanges.
The decline in profit in the fourth quarter of 2022-23 (April 2022 to March 2023) was despite coal production and dispatches to users. ( Also Read: Google I/O Event 2023: Top 5 Launches Expected From The Happening ) The company said salaries for non-executives are due for revision from July 1, 2021, and pending finalisation of a wage agreement with unions, a provision of Rs 5,870.16 crore has been made in the quarter. ( Also Read: AI-Generated Pics Of Ratan Tata, Mukesh Ambani, And Other Billionaires As Working Out In Gym Goes Viral - Check How