Coal India is a smart gainer on the bourses today morning. Figuring in the top five gainers, the stock price is up over 4% at Rs.293 with an intra day high at Rs.296. Its 52-week high and low stands at Rs.447.25 and Rs.272.05 respectively.

The much awaited hike in coal price has finally happened. The company announced that its Board approved increasing the weighted average price of coal by 6.2% over the current price. This new price comes into effect from today and will be applicable on all subsidiaries of the company, both regulated as well as non-regulated sectors.

This price hike is expected to earn the company an additional revenue of Rs.3234 crore for balance period of financial year 2016-17. The company has also approved the differential price for Non-Regulated Sector at a reduced rate of 20% v/s 35% earlier over the price of regulated sector for G6 to G17 grades of coal for all subsidiaries of CIL. 

Meanwhile the company declared its performance for Q4 and FY16. Its numbers for Q4FY16 were flat – consolidated net profit came in at Rs.4248 crore v/s Rs.4238 crore (YoY), a rise of Rs.10 crore.

It ended FY16 with a 4% rise in  consolidated net profit at Rs.14,274 crore and this was despite production going up 9% to 538.75 mt and offtake rose 9% to 534.49 mt.

For the quarter, consolidated EBITDA was down 7% at Rs.5534 crore while margins slipped down from 28% to 25.9%.