Coal India reported a higher-than-expected third-quarter profit on Monday as the state-run miner cranked up production to meet surging demand for electricity in the country as well as declared a second interim dividend.
Despite strong pledges to harness renewable energy sources like solar and wind, coal is still used to produce nearly three-fourths of India’s power.
Coal India’s consolidated net profit rose about 17%, to 90.69 billion rupees ($1.1 billion) for the quarter ended Dec. 31, surpassing analysts’ average estimate of 77.94 billion rupees, according to LSEG data.
Source: Reuters
