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Coal India net profit up 26% in Q4'FY24 to Rs 8,640 cr

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Kolkata: Coal India on Thursday said its consolidated net profit has jumped nearly 26 per cent to Rs 8,640 crore in the fourth quarter of the 2023-24 fiscal, despite lower sales.

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The increase in profit was attributed to cost efficiency and benefits from changes in accounting for stripping activities for open-cast mining.

Sales revenue decreased by 2.5 per cent from Rs 35,161 crore in Q4FY'23 to Rs 34,264 crore in the quarter under review, the miner said in a regulatory filing.

The miner's total expenses were lower at Rs 28,298 crore from Rs 30,873 crore in the corresponding quarter of the previous year.

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Coal production reached 241.75 million tonnes, up from 224.16 million tonnes in the year-ago period.

Profit before tax increased by Rs 3,309 crore due to changes in stripping activities accounting, it added.

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