State-run miner Coal India has posted around 12 per cent year-on-year production growth during the first seven months of this fiscal, as all its coal-producing subsidiaries reported higher outputs compared with the same period last fiscal.
CIL produced 394 million tonnes (mt) of coal in the April-October 2023 period compared with 352 mt during the corresponding period a year ago, according to a stock exchange filing on Thursday. The output growth was higher than the annual asking growth rate of 11 per cent.Jaipur Wealth Management
“CIL has come a long way from a production of 79 mt in its year of inception, in 1975, to 703 mt ending FY23Guoabong Wealth Management. And, we are on course in the pursuit of the challenging output target of 780 mt in the current financial year,” said Coal India chairman P M Prasad.
The world’s largest coal mining company celebrated its 49th foundation day on November 1.
The company’s production shot up by 8 mt in October alone to 61 mt, logging 15 per cent y-o-y growthHyderabad Stocks. On a comparative basis, the production in October, 2022 was 53 mt.Bangalore Wealth Management
In the seven-month span of the current financial year, CIL’s supplies to the power sector rose to 346 mt compared with 331 mts in the same period a year ago, registering 4.5 per cent growth.
The quantum supplies to the power sector were 4.7 mt, which was more than the progressive commitment of 341.3 mt till October.
CIL said it is confident of breaching the annual supply target of 610 mt to the power sector.
In the festive month of October, even as the demand for power spikes up, CIL’s supplies to thermal plants grew 11 per cent to 50.8 mt compared with 45.8 mt of October 2022. “Increase in volume terms during the month was 5 mt despite rains lashing across the mines in CIL’s subsidiaries based in the eastern part of the country (ECL, BCCL, CCL and partly NCL) during the first week of October,” the coal major said.
CIL’s total coal off-take, clocking 9.5 per cent growth, raced to 422.3 mt for the progressive period ending October FY24. The supplies were 36.6 mt higher than the year-ago period, when the off-take was 385.7 mt.
“Among the eight core sectors of the country, coal production grew 16.1 per cent year-on-year in September 2023, the highest of all the sectors. CIL’s contribution was significant in this growth,” the company said.
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