2025-01-27 17:28:00 :
(Bloomberg News) -The State -owned Mining Corporation India Coal Co., Ltd. reported that profit decreased by 17%in the third quarter, because the economic slowdown caused the fuel consumption to increase moderately, and fuel consumption accounted for nearly three -quarters of India’s power generation.
According to a company statement on Monday, the net profit as of December decreased from 102.5 billion rupees in the same period last year to 85.1 billion rupees. The profits exceeded the analogy of Analysts compiled by Bloomberg 83.7 billion rupees average.
The slowdown in the country’s economic growth began to resonate in the entire power industry. As of December 2023, the demand for power demand increased by only 2.7%, far lower than the 10% increase in the same period last year. Long -term slowdown in demand may hinder investment, thereby hindering the plan to increase production capacity.
The world’s third largest carbon emission country is relying on the dirtiest fuel to meet its energy needs. The government plans to increase the amount of coal -fired power generation by nearly 90 Gava by 2032 to meet the future needs of the country.
The company has adopted a new accounting policy for the preparation of the soil layer of the coal seam. This has led to a return, which improves the income.
The miners said that the shipments and output during this period increased by 1.5%over the same period last year.
Elara Capital India PVT. Deputy President Rupesh Sankhe said before the release of the financial report, “Indian Coal Company is facing the pressure of reducing production for several months and cleaning up inventory.” “As summer comes, output growth may be recovered.”
More similar stories can be found on bloomberg.com
Follow us On Social Media Twitter/X
