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India’s State-Owned Coal Miner Posts Record Profit in Fuel’s Revival

  • Producer follows Glencore, Peabody in benefiting from surge
  • Windfall earnings likely to be used on expansions, new mines
A front loader moves coal in Chandwa, Jharkhand, India.

A front loader moves coal in Chandwa, Jharkhand, India.

Photographer: Prashanth Vishwanathan/Bloomberg
Updated on

Coal India Ltd.’s first-quarter earnings surged to a record as a global energy squeeze has delivered sky-high prices for the world’s largest producer of the fuel.

The state-run miner’s net income jumped to 88.3 billion rupees ($1.1 billion) from 31.7 billion rupees a year earlier, it said in a statement. Profits beat analyst forecasts as blistering summer heat spurred a frantic hunt for more coal, which accounts for about 70% of India’s electricity generation.