Coal India Ltd. (CIL) announced on Wednesday that it has pegged the total supply to the power sector for coal fired plants at 610 million tonnes (MT) in the financial year 2023-24.

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The set target is 4 percent or 23.4 MT more than the coal miner’s supplied quantity of 586.6 MT to power plants in the last financial year, which was also the company’s highest-ever.

With the onset of the summer season, the demand for coal could go up, and Coal India is working towards increasing its production by stocking adequate coal stocks in during the April-June period of the new financial year.

The company appears confident to meet the aforementioned target in the ongoing financial year as it is increasing production and has an adequate coal stock of 69 MT at its pitheads.

The state-run coal company has also targeted its production and off-take for FY24 at 780 MT. A bulk of 610 MT of coal has been set aside for meeting the power sector’s demand, while the availability of coal for the non-regulated sector has increased significantly, the company said in a release.

“The domestic coal available in the system as of April 1, 2023 is around 125 MT, the highest, barring the Covid year of 2019-20 when the demand plummeted,” said Coal India.

For the financial year ending on March 31, 2023, Coal India’s supplies to the power sector hit an all-time high of 586.6 MT, while its increase in volume terms over the last fiscal was 46.2 MT.

Shares of Coal India ended 0.9 percent higher at Rs 222.20.

Also Read: Coal India surpasses FY23 production target a day ahead of schedule

(Edited by : Rukmani Krishna)