Coal India share price down over 2% as Q4 net profit falls 18% YoY

Shares of Coal India fell over 2% on Monday's early trade following its Q4FY23 earnings. The consolidated net profit for the quarter ended March slumped 18% on year to ₹5,528 crore from ₹6,715 in Q4FY22.

Despite making a provision in the accounts for ₹8,153 crores to cover wage revisions for company's non-executive staff in 2022–2023, this happened according to the company.

Coal India reported a remarkable 62% increase in profit after tax for FY23, coming in at ₹28,125 crore as compared to ₹17,378 crore for FY22.

On Friday, shares of the company ended flat at ₹237.35 apiece on BSE.

For the quarter ended March, the revenue from operations rose 17% year-on-year to ₹38,152 crore from ₹32, 709 crore in Q4FY22. 

The board of directors of the company have recommended a final dividend of ₹4 per share.

On Monday's trade, the shares of the company opened at ₹230.70 per share on BSE. 

As per the trendlyne data, shares of the company so far has gained 39.96% from 52-week low of ₹164.6 recorded on May 12, 2022.

The stock price rose 24.8% and underperformed its sector by 1.2% in the past year.