State-owned Coal India Ltd’s quarterly profit more than doubled as production and offtake volumes at the world’s biggest coal miner rose on higher energy demand amid elevated global prices. Consolidated net profit for the quarter ended Sept. 30 rose to 60.44 billion rupees ($737.88 million) from 29.37 billion rupees a year earlier, the company said on Monday.
Its quarterly coal output jumped 10.6% to 139.2 million tonnes, while April-September production rose 19.7%. The results come after a surge in electricity demand, growing at the fastest rate in 38 years, forced India to reverse a policy measure to reduce coal imports to zero and reopen closed mines.
The company’s total operating revenue rose 28.1% to 298.38 billion rupees. Coal India last month said its total coal consumption rose 7.8% year-on-year to 332 million tonnes in the April-September period. In May, the company also said it would open what is expected to be one of the largest coal mines in the country. Production will initially start in the October-December quarter at an annual rate of approximately 2 to 5 million tonnes.