State-owned Coal India (CIL) on Wednesday reported a 14.3 percent growth in its coal production at 619.7 million tonne (MT) in the April-February period of the current fiscal.

Share Market Live

NSE

The output of CIL during the corresponding period of the previous fiscal was 542.4 MT, the public sector enterprise said in an exchange filing.

Production Target

With a quantum gain of 77.3 MTs, CIL will be breaching the production target of 700 MTs for FY’23. CIL began its 700 MT target chase with an asking growth rate of 12.4 percent, the company said. In 2021-22, CIL produced 622.6 MT of coal, exceeding the previous high of 607 MT recorded in 2018-19.

CIL's output in February 2023 stood at 68.8 MTs, the highest for the month in any year till now. This represents a growth of 7 percent compared to February 2022.

Also Read: Paint companies outperform in muted market session as crude cools, rural demand revives

The increase of 4.5 MTs in volume terms was notched over a high base of 64.3 MTs. Sequentially, compared to January 2023, CIL on average produced 1.37 lakh tonne more coal per day in February.

Total Supplies

The company's total supplies at 630.5 MTs increased by 30.6 MTs, year-on-year, from April 2022-February 2023. The company posted a growth of 5.1 percent compared to 599.8 MTs in the corresponding period last year.

Subsidiaries

Three of CIL's subsidiaries BCCL, NCL, and MCL have surpassed their respective annual off-take targets. All the subsidiaries of the company have logged growth over the previous year. The Dhanbad-based Bharat Coking Coal Ltd has already wrapped up its annual production target of 32 MTs on February 27.

Coal Supply to Power Sector

Amid rising demand, CIL supplied 46 MTs more coal to the power sector in the 11 months of the current financial year at 534 MTs. This is a 9.4 percent growth compared to 488 MTs of the same period last year. CIL is confident of going past the annual programme of 565 MTs supply to the power sector by at least 20 MTs more to 585 MTs.

Also Read: India is the place to be for many German companies, says SAP CEO

Despite higher supplies to consuming sectors, CIL ended February 2023 with 50 MTs coal stock at its pitheads.

(Edited by : Pradeep John)

First Published:Mar 1, 2023 4:28 PM IST