Government-owned miner Coal India reported a 22% fall in its September quarter consolidated net profit for the quarter ended September 30, 2024 at Rs 6,289 crore versus Rs 8,049 crore reported by the company in the year ago period.

The revenue from operations in Q2FY25 stood at Rs 30,673 crore which is lower by 6.4% over Rs 32,776 crore reported in the corresponding quarter of the previous financial year.

The company announced an interim dividend for the financial year 2024-25 at Rs.15.75 per equity share and has fixed Tuesday, November 5, 2024 as the record date. The date of payment of its first interim dividend will be by November 24, 2024.

On a sequential basis, the profit after tax (PAT) was down by 43% versus Rs 10,959 posted by Coal India in April-June quarter of FY25. Meanwhile, revenue was down 16% over Q1FY25 when the company had reported topline at Rs 36,465 crore.

In a separate filing, Coal India infomed that "no binding agreement has been entered into by the company" for the proposed closure of CIL Solar PV Limited (CSPL), a wholly owned subsidiary of CIL.

Stating reason for the proposed closure, the state-run miner said that CSPL has not undertaken any commercial activities since its inception. Moreover, in the highly competitive market, dynamics for Solar Power Value Chain (Ingot-Wafer-Cell-Module Generation) are tilted towards private players.

The earnings were announced after market hours and the shares of Coal India settled at Rs 459.95 on the NSE, falling by Rs 17.30 or 3.62% over the previous closing price.