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State-run Coal India Ltd.'s production crossed 400 million tonnes during the current financial year, reaching the mark at the fastest pace in the company's history.

So far, Coal India's production has grown 17 percent from 342 million tonnes for the same period last year.

Last year, Coal India crossed 400 million tonnes in production on December 25, 2021. It has managed to achieve this feat 31 days earlier this time around.

Also Read: Coal India production highest in five months while offtake drops from last year

This accelerated production has meant that the company's asking annual growth rate has now come down to 6.9 percent from 12.4 percent at the start of the year. This means that Coal India now has to only increase production by 7 percent to achieve its full-year production target.

Coal India required a 78 million tonnes jump in volume terms at the start of the year to achieve its 700 million tonnes production target. So far this year, it has already managed to increase production by 58 million tonnes. The management remains upbeat about achieving the production target for the year.

Also Read: Coal Ministry aims for 45 million tonnes coal stock with power plants by March 2023

The end of monsoon season leaves most mines dewatered. In addition to the

conclusion of the festive season, the availability of machines and manpower

will increase, leading to improved productivity and production going ahead.

Overall coal production in the country increased 18 percent from last year to 448 million tonnes, according to data released by the Coal Ministry. Production from Coal India has also increased by 17 percent.

State-run Coal India Ltd. reported net sales of Rs 425.7 crore in September 2022, up 27.9 percent from Rs 332.7 crore in September last year.

Shares of Coal India closed 1.36 percent higher at Rs 231.60 on Friday.

Also Read: Govt eyes Coal India, NTPC, Hindustan Zinc and RITES offers for sale over next four months

(Edited by : Rukmani Krishna)