1.0 INDUSTRY STRUCTURE AND DEVELOPMENT
C oal in India and Coal India Limited
C oal continues to be Indias most significant indigenous energy resource, serving as a cornerstone of the nations energy security and a driving force behind its economic growth and industrial development. With its abundant availability, cost-effectiveness, and reliability, coal remains a strategic asset in sustaining Indias power generation and supporting the nations transition toward energy self-reliance.
As on 31st March 2025, Indias coal-based power generation capacity stands at ~ 215 GW out of a total installed capacity of ~ 475 GW, highlighting coals indispensable role in maintaining a stable, affordable, and uninterrupted electricity supply nationwide.
India has emerged as the second-largest producer of coal globally, with a production of 1,047 Million Tonnes (Mt) during the fiscal year 2024–25. The sector remains largely dominated by public sector enterprises, primarily Coal India Limited (CIL) and Singareni Collieries Company Limited (SCCL), which continue to be the bedrock of domestic coal production.
Coal India Limited, with its seven wholly owned coal-producing subsidiaries and one mine planning and consultancy arm, maintained its position as the largest coal-producing company in the world, registering a production of 781 Mt during FY 2024–25. This accounts for nearly 74% of Indias total coal output, reinforcing CILs strategic importance. CIL continues to meet about 40% of the countrys primary commercial energy requirement, underscoring its strategic importance in Indias energy landscape.
Looking ahead, coal is poised to remain a dominant fuel in Indias energy portfolio. As envisioned in the Vision @2047 roadmap, coal will continue to be a pivotal component in securing the countrys energy future. While the growth in coal demand may moderate post-2035, absolute demand is expected to remain steady or increase, driven by sustained base load requirements.
In alignment with this long-term vision, CIL has charted a roadmap to achieve a production milestone of 1 Billion Tonnes (BT) by FY 2028–29, with production levels projected to peak at 1,200 Mt by FY 2034–35. It is anticipated that 1 BT of annual production will remain essential through to 2047, ensuring continuity in supply for critical sectors of the economy.
From a resource availability perspective, coal remains the most abundant fossil fuel in India. According to the Geological Survey of India, the total geological resources of coal in the country are estimated at 389.421 Billion Tonnes as on 1st April 2024, providing a robust foundation for long-term planning and energy security.
The highlights of inventory of Geological Resources of Indian Coal (as on 01.04.2024), prepared by the Geological Survey of India is tabulated below:
• A total of 3,89,421.34 Mt of geological resources of coal have so far been estimated in India, up to the maximum depth of 1200 m. Out of the total resources, the Gondwana coalfields account for 3,87,759.06 Mt (99.57%), while the Tertiary coalfields of Himalayan region contribute 1,662.28 Mt (0.43%) of coal resources. The type-wise and category-wise break-up is given below:
Coal Type |
Proved | Indicated | Inferred | Total | % share |
| Prime Coking | 5132.65 | 310.76 | 0.00 | 5443.41 | 1.40 |
| Medium Coking | 17401.87 | 10408.70 | 1761.43 | 29572.00 | 7.59 |
| Semi Coking | 529.68 | 1081.47 | 186.33 | 1797.48 | 0.46 |
Sub-Total of Coking |
23064.20 | 11800.93 | 1947.76 | 36812.89 | 9.45 |
Non-Coking |
188542.55 | 136794.29 | 25609.33 | 350946.17 | 90.12 |
Tertiary Coal |
600.41 | 121.31 | 940.56 | 1662.28 | 0.43 |
Grand Total |
212207.16 | 148716.53 | 28497.65 | 389421.34 | 100.00 |
| % share | 54.49 | 38.19 | 7.32 | 100.00 |
• The depth-wise and category-wise break-up of Indian coal resources is as follows:
(Resource in million tonne)
Depth Range (m) |
Proved | Indicated | Inferred | Total | % share |
| 0-300 | 140920.59 | 57844.85 | 7511.67 | 206277.11 | 52.97 |
| 300-600 | 46556.90 | 67222.98 | 13855.07 | 127634.95 | 32.78 |
| 0-600 (for Jharia only) | 15229.16 | 153.93 | 29.63 | 15412.72 | 3.96 |
| 600-1200 | 9500.51 | 23494.77 | 7101.28 | 40096.56 | 10.30 |
Total |
212207.16 | 148716.53 | 28497.65 | 389421.34 | 100.00 |
At the current rate of production in the country, the reserves are adequate to meet the demand.
2.0 SW OT ANALYSIS
Our strong operational foundation and financial stability, positions us well to capture emerging opportunities in Indias evolving energy landscape. While we are mindful of industry challenges and global energy trends, our focus remains on sustainable growth, operational excellence, and strategic diversification to ensure long-term value for all stakeholders.
Scale and Reach: Our wide-spread operations enable us significant economies of scale and ensure proximity to a sizable, diversified customer base across India.
Robust Coal Resource Base: We possess the largest coal resource bases in the country, supporting long-term supply security.
Strong Financial Strength: Our strong financial credentials and consistent track record of growth underscore our stability and resilience.
Skilled Workforce: A highly skilled and diversified team, with deep experience in exploration, mine planning, and operations.
Market Leadership: Well positioned to meet the growing demand for coal by offering lowest selling price of coal/ cheapest source of energy, supported by our operational capabilities and strategic presence.
Weaknesses
High Production Costs: Legacy underground mines contribute to elevated production costs, impacting profitability.
Infrastructure Constraints: Evacuation infrastructure bottlenecks in certain regions due to land, statutory clearances, and law & order challenges.
Coal Quality: Indigenous coal is characterized by high ash content, impacting quality.
Land Acquisition: Persistent constraints and resistance in acquiring land.
High Wage Costs: As one of the largest employers, we incur significant wage expenses
Limited Indigenous Manufacturing: Absence of robust domestic manufacturing support for mining equipment and technology.
Opportunities
Abundant Supply: Indias coal supply is projected to remain a cornerstone of the nations energy mix, ensuring a consistent and reliable source of power to meet the growing demand.
Strategic Diversification: Opportunities to diversify into non-coal sectors, clean coal technologies, coal gasification, coal-to-chemicals, critical minerals and solar energy.
Government Initiatives: Alignment with key national programs such as Atma Nirbhar Bharat, large scale Rural electrification and power for all UDAY scheme.
Economic Growth: Indias strong economic trajectory is driving increased energy demand, especially for coal.
Export Potential: Emerging opportunities to export coal to neighboring countries.
Operational Optimization: Scope to further optimize costs through linkage rationalization and process improvements.
Rising Power Demand: Increased electricity consumption, including from the adoption of electric vehicles, is expected to drive higher demand for power generation.
Threats
Regulatory Environment: Nationally determined commitments to reduce reliance on fossil fuels.
Market Competition: The impact of commercial mining and potential availability of low-cost imported coal mainly due to high transportation cost of domestic coal to distant consumers.
Renewable Energy Transition: Growing share of renewables and alternative energy resources in the energy mix may lead to stagnation in future coal demand.
Land Resource Risks: Resistance to part with land, creating problems in possession and rehabilitation; rapid appreciation in land costs.
3.0 SEGMENT-WISE OR PRODUCT WISE PERFORMANCE
P roduction, Off-take and OBR performances detailed in Directors Report and reference may be drawn from the same.
4.0 OUTLOOK:
CIL has envisaged coal supply target of 900.24 Mt in 2025-26 i.e. a growth of more than 18% over the previous years achievement. Around 74% of the total coal dispatch is expected to be consumed by the power sector alone. Coal India Limiteds (CIL) growth strategy aligns with the Governments ambitious goal of ensuring 24x7 power supply to every household in the country. To support this objective, a roadmap has been developed to achieve 1 billion tonnes of coal production by 2028–29.
For sustainability and growth, thrust on minimizing the environmental impact is laid for qualitative improvement in coal production through selective mining, beneficiation & blending, enhancing production from U/G mines and diversifying into clean coal technologies.
Apart from creating new railway infrastructure, optimum utilization of existing capacity through linkage auction scheme is being ensured through an in-built system of source rationalization for non-regulated sector. Further, it has been envisaged to ensure despatches through "First Mile Connectivity (FMC)" to consumer through non-road mode like conveyors, MGR/Rail etc.
CIL is also exploring opportunities to diversify into ‘coal to chemical business (CTL, SCG etc.). This is to ensure greater value addition and thereby improving financial performance of the company, and ensuring long term sustenance.
CIL has planned a capital investment of H 16000 Crores for maintaining its volume growth in 2025-26 and beyond. The company has also envisaged for investing substantial amount in different schemes in 2025-26 such as development of railway infrastructure project, solar power, Thermal Power Plants, Coal Bed Methane (CBM), revival of fertilizer plants etc.
Mark eting Outlook:
T he total power generation (incl. RES) in the country grew to about 1826 BU clocking a growth of 5.0 %. The coal-based generation in the country for FY 2024-25 was 1299 BU with a 3.0 % growth over the previous year. The domestic coal based generation grew to 1202.5 BU (2.2% growth over previous year).
Considering the growth of power generation and consequential increase in coal demand in the country, the offtake target for FY 2024-25 was 838.24 MT. Coal demand from Power sector stood at 661 MT, against which 616.17 MT was supplied, resulting in a materialization rate of approximately 93% during FY 2024-25.
Coal supply to Non Regulated Sector (NRS) peaked at 145.3 MT (8.1 % growth over previous year). The e-auction coal booking during FY 2024-25 was 89.38 MT against 84.41 MT during previous year. The premium on e-auction during FY 2024-25 was 48 % as against 72 % in previous FY. During FY 2024-25, against an offer of about 3.36 MT to Steel sector, 2.39 MT got booked with a premium of 5.28% over and above the floor price.
Fuel Supply Agreement (FSA) commitment for Power Sector, Non-Power and bridge linkage were at about 757.5 Million Tonne Per Annum (MTPA) as on 31.03.2025. The projected demand of CIL coal from Power sector for FY 2025-26 is 668.1 MT. The yearly offtake target for FY 2025-26 has been set as 900.24 MT so as to cater to the entire demand of power sector, NRS consumers and substitute the substitutable imported coal in the country.
In order to tap the potential future market for coal consumption and explore alternative uses of domestic coal, CIL intends to offer more coking coal to steel sector and also supply coal for upcoming coal gasification projects.
Mechanized and Computerised loading
In addition to 151 MTPA Rapid Loading capacity as on Aug 2019, CIL has also taken steps to upgrade the mechanized coal transportation and loading system under First Mile Connectivity projects. CIL has taken up 72 FMC projects which are being implemented in 4 phases having a total capacity of 843 MTY. Out of these 72 Projects, 17 projects of 222.5 MTY capacity have been completed. After commissioning of all FMC Projects and the pre-existing 20 CHP-Silos of 151 MTY Capacity, CIL shall have mechanical/ rapid loading capacity of 994 MTY by FY 2028-29.
The share of SILO rake loading is 23% of the total rake loading in FY 2024-25 and is expected to grow to at least to 33% in the FY 2025-26.
In order to understand the requirements of the consumers, CIL is conducting quarterly zone- wise consumer meeting with both power and non-power consumers separately. Further, subsidiaries also conduct meeting with the consumers at regular intervals. In addition, to promote ease of doing business, CIL has set up a Consumer Grievance Redressal Mechanism to redress the grievances of consumers related to coal supplies and other related issues.
Customer satisfaction through quality assurance and transparency in business operations have been priority areas for CIL. The initiatives taken to build Consumers confidence and satisfaction include supply of sized coal as per FSA provisions, extension of third-party sampling facility to all sectors of consumers under all schemes through deployment of empanelled Third-Party Agencies (TPA) as per the choice of consumer, timely issuance of credit/ debit notes on quality grounds etc.
After discontinuation of services by CIMFR, twelve independent Third Party sampling agencies have been empanelled. Out of these, 10 agencies have been empanelled by Power Finance Corporation Ltd (PFCL) and 2 by CIL to cater to both power and non-power sector, giving consumers a wide option to choose from the empanelled agencies. As a result of conscious and continuous measures taken towards quality maintenance, a) The gap between the weighted average of declared and analysed GCV of coal based on results received for FY 2024-25 is only 37 Kcal/kg which is well within the GCV band of same Grade and b) The final grade conformity including referee for FY 2024-25 is 82%.
For expediting and facilitating the reconciliation of coal bills on a regular basis, an online reconciliation portal has been developed by Coal India Limited. Consumers as well as subsidiaries are performing bill wise as well as periodic online reconciliation through the portal. All Power Sector consumers and a few Non-Power Consumers are actively using the Portal. CIL is encouraging all Non- Power CPSEs and CPPs to register and reconcile their bills through this portal.
Oper ations Outlook:
As on 01.04.25, 117 ongoing mining projects costing 20 Crores and above having capacity of about 979 Mty with sanctioned capital of H 1,40,389.40 Crores are under different stages of implementation. For achieving production target in 2025-26, EC for 23 no. of proposals with incremental capacity of about 38.22 Mty are under different stages of approval.
In FY-2025-26, Stage-II FC of 18 nos. of proposals involving 4005.54 Ha (tentative) forest land are required to achieve coal production target. Also, total land to be possessed by the subsidiaries of CIL has been estimated to be 5901.1 Ha for achieving target.
The expansion program will be managed in a structured manner with the help of IT enabled solutions. The project implementation of vital mines is being monitored through MDMS portal. CIL has taken initiatives for implementation of digitization of mines for improving operational efficiency which have been implemented in seven (7) mines of NCL & SECL.
The Company has already concluded two studies through reputed consultant for assessing the possible mechanization and automation levels across a substantial number of mines. This is aimed at identification of opportunities in mine planning, exploration, survey, operations and maintenance. The project implementation of ongoing coal mining projects monitored through PS Module under ERP system of CIL.
In order to infuse State-of-the-art technology & efficiency of private sector, initiatives have been taken for development & operation of new mines/blocks through MDO route. Further, CIL have identified 32 nos. of closed/ abandoned/discontinued underground mines as of now for operation through MDO route. Out of this LoA has been issued for 27 mines out of which agreement signed for 25 mines.
With a vision to extract coal environmentally and socially friendly manner, CIL now is being looking forward to enhance its production from underground mining. As the Coal from Opencast mines is likely to be exhausted in the near future, high capacity State-of-the -Art underground mines shall be poised for the following:
Identification and planning of large high capacity State-of-the-Art underground mines at depth below 250 Mtr. and at places with environmental restriction.
As such, CIL has already formulated UG vision plan wherein it has been envisaged 100 Mt production from its UG mines by 2034-35. CIL has planned to introduce more and more Mass Production Technology (MPT) in its UG mines and planned to implement at least 140 Continuous Miners (CM) for achieving the milestone of 100 Mt UG production.
With large nos. of old/discontinued/abandoned potential OC mines now lying idle are being identified for being taken-up through Highwall mining. Presently, 5 HWs are in operation & 5 more are at different stages of implementation of which LoA issued for 3 mines where operations are likely to be started in 2025-26 itself.
An exercise has been taken up in consultation with MoC/MoEF&CC for obtaining relaxation in EC for UG mining for early start of workings.
T o support increase in production on a sustainable basis, synergic growth in exploration is also envisaged. Increased use of hydrostatic drilling with PCD bits and
3D Seismic Survey Technology to achieve high rate in exploration have been planned. CIL will continue to focus on increasing its reserve base in India.
CIL is also in the process of augmenting the capacity of training institutes across subsidiaries, including IICM. Several other actions for building human resource capacity are being contemplated in collaboration with reputed institutions within the country and even abroad in their respective fields.
Outlook for Sustainable Growth:
C oal India Limited (CIL) is at a pivotal moment in strategic evolution. Recognizing the urgent need to diversify its energy portfolio in alignment with Indias climate goals, the company has laid out a renewable energy roadmap. The Solar & Renewable Energy segment, spearheaded by a target of achieving 3 GW of solar capacity by FY 2027–28, forms the cornerstone of CILs long-term decarbonization agenda. This document outlines progress made in FY 2024–25 and plans that leverage subsidiary-level installations, mega projects, and technological innovations to deliver on CILs sustainability and growth goals.
This Report evaluates current installations, pipeline projects, land readiness, strategic partnerships, and future directions—offering stakeholders a view of CILs green transition.
1. Strategic Direction: Transitioning Towards Net-Zero
CILs strategy to transform into a net-zero energy company is being implemented through a combination of solar installations, joint ventures, captive energy consumption planning, and grid-level participation. The shift is supported by policy incentives under Indias National Solar Mission and is seen as essential for long- term operational efficiency, regulatory compliance, and carbon risk mitigation. CILs net-zero roadmap includes:
• Target of 3 GW solar power capacity by FY 2027–28.
• Focus on captive solar consumption and reducing dependency on fossil fuel based power from the Grid,
• Participation in renewable energy ventures for developing Solar projects
• Leveraging unused mine land for green energy infrastructure.
2. Key Highlights and Initiatives
During the financial year 2024-25, Coal India Limited (CIL) successfully commissioned a total of 114 MW of ground-mounted solar projects. These include a 24 MW project at Central Coalfields Limited (CCL), 50 MW at Mahanadi Coalfields Limited (MCL), 20 MW at South Eastern Coalfields Limited (SECL), and another
20 MW at Bharat Coking Coal Limited (BCCL). In addition to these, rooftop solar installations across various CIL subsidiaries contributed an additional 12.11 MW. With these additions, the cumulative commissioned solar capacity of CIL as of FY 2024-25 stands at 209.08 MW.
CIL has also made significant progress in the Khavda Solar Park Project located in Gujarat. The company has awarded an Engineering, Procurement, and Construction (EPC) contract for a 300 MW solar power facility in this park and project works have also started. The electricity generated from this project after commissioning will be supplied to the Gujarat Urja Vikas Nigam Limited (GUVNL) under a 25-year agreement, marking a substantial step forward in CILs renewable energy commitments.
In a strategic move to diversify and expand its energy portfolio, CIL entered into a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) on September 23, 2024. A new subsidiary company by the name of CIL Rajasthan Akshay Urja Limited has been incorporated on 09.06.2025 with CIL holding 74% and RVUNL 26% equity shares. This partnership is geared towards developing a total capacity of 4,100 MW across various energy domains, including coal-based thermal power, solar, wind, and pumped storage projects. This initiative reflects CILs long-term strategy to become a key player in both conventional and renewable energy sectors.
Looking ahead, CIL is actively exploring several innovative and sustainable solar energy initiatives. These include the potential installation of floating solar plants over reservoirs and mine voids, as well as the utilization of stabilized overburden (OB) dumps for solar power development. The integration of solar projects into mine closure plans is also being evaluated, underscoring CILs commitment to environmental sustainability and long-term energy transformation.
3. Installed and in Pipeline Solar Capacity Overview
Coal India Limited (CIL) has embarked on an ambitious and structured solar deployment plan across all its subsidiaries, set to unfold in phases from FY 2024– 25 through to FY 2029–30. The strategy integrates both ground-mounted utility- scale solar arrays and rooftop installations over administrative buildings, residential colonies, and industrial facilities, ensuring a holistic approach to renewable energy adoption within its operational ecosystem.
Looking ahead to FY 2025–26, the total planned capacity jumps significantly to 704.95 MW, marking the beginning of an aggressive scale-up in deployment. Target for FY 2025-26 includes substantial contributions from PAN India Projects to the tune of 400 MW and the rest 304.95 MW from Projects at subsidiaries level, indicating a wide organizational commitment.
In FY 2026–27, CIL plans to add another 523.5 MW to its solar portfolio. Major contributions during this period are expected from CCL (170 MW), WCL (91 MW), and PAN India Projects (120 MW). Notably, the solar initiative continues to gain momentum in FY 2027–28, with a dramatic capacity increase projected at 1,765 MW. This includes a substantial 1,500 MW addition from PAN India Projects, reflecting the companys role towards the transition.
The growth trajectory remains strong in FY 2028–29, with an additional 1351 MW scheduled for installation. Key contributors for this period include MCL (75 MW), NCL (100 MW), WCL (101 MW), and another 1,000 MW from PAN India Projects. In addition to this, CIL is also looking for supply of 4500 MW renewable energy to captive consumers. Throughout this phased solar deployment plan, each subsidiary plays a crucial role based on its capacity and infrastructure readiness. The strategy demonstrates CILs long-term commitment to reducing its carbon footprint and embracing clean energy technologies, while aligning with national renewable energy targets and sustainable mining practices.
4. Expansion Plans and Strategic Projects
In addition to subsidiary-level developments, CIL is entering high-value partnerships and independently pursuing large-scale solar ventures. A landmark initiative is the signing of JV with RRVUNL for developing 2,100 MW Solar projects.
5. Land Readiness and Infrastructure Planning
Timely availability of suitable land is critical for ground-mounted solar expansion. Each subsidiary has been instructed to identify and prepare land parcels suitable for utility- scale deployment. The emphasis is on non-coal-bearing lands and reclaimed mine areas to avoid land-use conflicts.
6. Future Outlook
CILs solar program is poised for accelerated growth in FY 2025–26 and expect to touch around 914 MW cumulative solar capacity by this financial year end. Key priorities include commissioning of high-capacity solar plants, entering into more strategic JVs, and deepening the integration of solar energy into mining operations. The green energy transition is expected to result in:
Reduced mining operational costs through captive solar power.
Creationofnewbusinessstreamsinrenewables.
Contribution to Indias 500 GW non-fossil fuel target by 2030
7. Challenges in Solar Implementation
Despite the significant strides made, Coal India Limited (CIL) continues to face multiple challenges in scaling its solar energy initiatives. One of the primary hurdles lies in ROW issues along the Transmission Line route for evacuation of power. Obtaining regulatory clearances for large-scale solar projects is often a prolonged process, adding to the complexity of timely deployment.
In addition, integrating solar infrastructure within existing mining operations poses unique engineering challenges, particularly in terms of layout, safety, and electrical connectivity. The upfront capital investment coupled with global fluctuations in solar module pricing, also adds to the implementation risk.
Another significant challenge lies in the area of power sales and long-term power purchase agreements (PPAs). The process of securing viable PPAs with off-takers, can be slow and uncertain. Market-based pricing volatility, delays in tariff approvals by regulatory commissions, and limitations in grid connectivity further complicate the financial viability of solar projects.
CIL is actively addressing these issues through improved coordination, engagement with state utilities for streamlined PPA processes, and utilizing standardized engineering, procurement, and construction (EPC) frameworks. These efforts are aimed at minimizing risk, enhancing efficiency, and ensuring that CIL remains on course to meet its renewable energy targets.
8. Research & Development:
CMPDIL is the nodal agency for coordination and monitoring of S&T projects in the coal sector as well as the R&D projects of CIL. The details of R&D projects of CIL are provided in Annexure A.
5.0 RISKS AND CONCERNS
CIL has a comprehensive Risk Management which consists of: -
(a) Process to identify, prioritize and formulate mitigation plans for prioritized risks/RTMs (Risk That Matters) &
(b) Framework for Roles & Responsibilities of various officials, committee and Board in discharging the Risk Management Process.
There is a Board level Risk Management Committee (RMC) constituted in compliance with SEBI (LODR) Regulations 2015. The RMC provides direction and evaluates the effectiveness of Risk Management Framework.
Chief Risk officer (CRO) of CIL and his team under the direction of Risk Management Committee of CIL assess the risk to the company and formulate the risk mitigation plan for prioritized risks and facilitate its implementation. As part of Risk Management Framework, Risk owners and Mitigation Plan owners have been identified for each risk & corresponding mitigation plans formulated to ensure continuous risk assessment and mitigation.
CIL is monitoring and implementing risk mitigation measures on a continual basis. As per decision of Risk Management Committee, special thrust has been given to roadmap for enhancing production through underground mining, increased implementation of various cyber-security initiatives and reduction of outstanding dues during FY 24-25.
6.0 INTERNAL CONTROL AND SYSTEMS THEIR ADEQUACY
C oal India Limited (CIL) has a robust internal system and processes for smooth and efficient conduct of business and complies with relevant laws and regulations.
CIL has a well-defined organizational structure as well as comprehensive documented delegation of powers. A set of standardized procedures and guidelines has been issued for all the facets of activities to ensure that best practices are adopted and those percolate even up to the ground level. Further, all the key functional areas are governed by respective operating manuals. The company has also implemented whistle-blower policy.
CIL is having SAP system in operation to ensure high degree of data integrity and professional standards. The
SAP system provides an in-built audit trail for all business transactions that have taken place at any point of time.
CIL has incorporated in its Internal Financial Control framework a detailed checklist covering all relevant areas affecting financial reporting to ensure adequate internal control over financial reporting. Organization-level controls, Operational-level controls and general IT controls have been put in place to ensure that business operations are carried out efficiently and effectively and chances of errors/frauds are minimized. The overall internal control systems are commensurate with the size and operations of the Company.
These internal financial control measures are being reviewed periodically and necessary changes are incorporated therein to align the system with statutory requirements / standard industry practices. The internal control system facilitates optimum utilization of resources and safeguards the assets of the company.
The Company has an independent Internal Audit
Department consisting of executives from various functional domains. Independent professional firms review the business processes /controls to assess the adequacyoftheinternalcontrolsystemthroughrisk-based audits and conduct extensive internal audit throughout the year at all locations and functional areas across CIL and its subsidiaries. Based upon the outcomes of Risk Assessment of each and every discipline by performing testing of Risk Control Matrix the report is being prepared by the audit team. These internal audit reports are also placed before the Statutory Auditors. Further, the accounts of the Company are subject to C & AG audit in addition to the propriety audit conducted by them.
The Audit Committee regularly reviews significant findings of the Internal Audit, covering operational, financial and other areas and provides guidance on internal controls, to ensure governance commensurate with the operations of the company.
The Internal Financial Controls of the Company were reviewed and certified by Internal Auditors. The Company has, in all material respects, laid down Internal Financial Controls (including operational controls) and that such controls are adequate and were operating effectively during the year ended 31st March, 2025.
7.0 DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
F inancial Discussion and Analysis
In the fiscal year 2024–25, the Group sustained its strong operational momentum, maintaining high reliability and efficiency across its geographically spread operational units. While year-over-year volume growth remained steady, the consistent performance reflects our strategic focus on operational excellence and resilience reinforcing our financial stability and readiness for future expansion. The major events of the year highlight our resolution and commitment:
New Subsidiary Coal Gas India Limited (CGIL) has been incorporated during the year in collaboration with GAIL India Limited for Coal to SNG plant.
Bharat Coal Gasification & Chemicals Limited (BCGCL) has been incorporated during the year as a subsidiary of Coal India Limited (CIL) with our partner Bharat Heavy Electricals Limited (BHEL) to engage in the business of coal gasification to produce syn-gas, Ammonia & Nitric acid as intermediate products and Ammonium Nitrate as end product.
Dugda Coal Washery of Bharat Coking Coal Limited is the first washery in India going for monetization.
Largest non-coking coal washery started in Mahanadi Coalfields Limited.
50 MW Solar Power Plant commissioned in Northern Coalfields Limited.
MOU with RRVUNL, Rajasthan for partnering in renewable energy business.
MoU signed with IIT, Hyderabad for establishing a Centre of Clean Coal Energy and Net Zero (CLEANZ).
MoU executed with BPCL to explore setting up of Coal to Synthetic Natural Gas Project at Western Coalfields Limited through Surface Coal Gasification.
MoU executed with IREL (India) Ltd for development of mutually agreed assets of critical mineral.
For first ever Critical Mineral Asset - CIL is the preferred bidder for Madhya Pradeshs Khattali Chotti graphite block.
Increase in CSR expenses by 30%.
CILs steadfast commitment to societal development received global recognition through the prestigious ‘Green World Awards, where it secured the Gold award in the CSR category under the ‘Fuel, Power, and Energy sector.
CIL also won the prestigious ‘Golden Peacock Award for Corporate Social Responsibility.
CIL has been recognised for significant contributions to building lives and spreading smiles through CSR initiatives at the Indian CSR, One Decade of CSR.
NIRMAN Portal under CSR Scheme of CIL was launched by Honble Union Minister Shri G Kishan Reddy to Support the Eligible UPSC Aspirants.
Coal India Ranked Among Indias Top 50 Best Workplaces in Manufacturing 2025 By Great Place to Work.
MoUs signed with 7 Public Sector Banks for various benefits on corporate salary accounts for employees and contractual workers.
CIL adjudged first position under the category ‘Manufacturing-Public-Mega under the 19th National Awards for Excellence in Cost Management-2024 by ICMAI.
Procurement through GeM witnessed a remarkable 110% surge in the current fiscal, rising to H 2,08,467 crore from H 99,305 crore in the previous year.
Contribution to Government exchequer (as levies) during the current Financial Year stood at H 61,014 crore against the previous year contribution of H 60,198 crore.
Major Highlights
Particulars |
FY 2024-25 | FY2023-24 | Variation (%) |
| Total Income C crore | 152,839 | 152,732 | 0.07% |
| EBITDA on Net Sales % | 41% | 40% | 1% |
| Net Worth C crore | 99,105 | 82,711 | 20% |
| Dividend Per Share C | 26.5 | 25.5 | 4% |
| Capex on Rail Infrastructure C crore | 4,286 | 2,967 | 44% |
| Capex on Solar Project C crore | 573 | 387 | 48% |
Following the key highlights of major events during the year, the subsequent sections provide a comprehensive analysis of the groups financial performance, position, and cash flow:
Group Financial Performance
Evaluating the groups financial performance provides meaningful insight into its advancement toward strategic financial objectives. The financial highlights and key performance ratios serve as vital indicators, offering a clear summary of core financial metrics and reflecting the efficiency of its operations. Together, these figures offer a snapshot of the groups financial health and recent achievements.
Key financial performance ratios
Particulars |
Unit | 2024-25 | 2023-24 | Variation |
| EBITDA1 | C crore | 51,640 | 51,793 | -0.30% |
| Profit Before Tax (PBT) | C crore | 46,966 | 48,813 | -4% |
| Profit for the Period (PAT) | C crore | 35,302 | 37,369 | -6% |
| Earnings per Share (EPS) | C | 57.37 | 60.69 | -5% |
| Dividend per Share (DPS)* | C | 26.5 | 25.5 | 4% |
| Operating Margin2 | % | 28% | 30% | -2% |
| Net Profit Margin3 | % | 28% | 29% | -1% |
| EBITDA Margin4 | % | 41% | 40% | 1% |
| Return on Capital Employed (ROCE)5 | % | 24% | 27% | -3% |
| Return on Net Worth (RoNW)6 | % | 39% | 52% | -13% |
| Interest Coverage Ratio7 | Times | 54 | 61 | -11% |
*including recommended final dividend, which is subject to approval in AGM.
1. Earnings before interest, depreciation and tax (EBITDA) = Profit before Tax + Finance Cost- Interest Income + Depreciation & Amortisation 2. Operating margin = Operating profit to revenue from operation; operating profit = PBT – Other Income- Share of joint venture profit and loss + Finance cost + CSR expense + provisions and write off made during the year 3. Net profit margin = PAT to net sales 4. EBITDA margin = EBITDA to net sales 5. ROCE= EBIT to average capital employed; EBIT = Profit before Tax + Finance Cost- Interest Income; Capital employed = Total Equity + Total non-current liabilities. 6. RoNW = PAT to average net worth 7. Interest coverage ratio = (PBT+ Finance cost) to finance cost
Driven by whooping target of production, offtake and operational efficiency during financial year 2024-25, group has strived to proximate its previously achieved outshining performance. However due to decline in average sales rate and slight increase in total expense during the fiscal year, decrease in PBT is 4% compared to the previous year, while PAT declined by 6% over the previous year. Overall CIL group achieved a pre-tax profit (PBT) of C46,966 crore and a post-tax profit (PAT) of C 35,302 crore.
The Board of Directors of the holding company has recommended a final dividend of 5.15 per equity
C share, subject to approval in the ensuing AGM. This final dividend is over and above interim dividends of C 21.35 which were paid to its shareholders during the current year. Thus, the total dividend for the FY 2024-25 is H 26.50 per share which is 265% of Face
Value of H 10 per equity share against the previous year of H 25.50 per share.
The operating margin went down by 2% i.e. from 30% to 28% during the current year. This is mainly due to increase in depreciation and contractual expenses. Similarly, there has been decrease of 1% i.e. from 29% to 28% in net profit margin. Decline in return on net worth is mainly due to increase in net worth by 20% from C82,711 crore to C99,105 crore as compared to the PAT which declined by 6%.
Interest coverage ratio decreased from 61 to 54 due to increased borrowings by ECL and subsidiary of SECL and CCL over previous year. Increase in other equity by 21% and in non-current liabilities by 3% with degrowth of 6% in PAT has resulted decrease in return on capital employed by 3%.
A Comprehensive analysis of the groups financial performance, based on the Consolidated Financial Statements
Refer to the consolidated financial statements in this Integrated Annual Report for detailed financial statements, schedules and notes.
C Crore
Particulars |
2024-25 | 2023-24 | Variation |
| Net Sales | 126,957 | 130,326 | -3% |
| Other Operating Revenue | 16,412 | 14,437 | 14% |
| Other Income | 9,470 | 7,969 | 19% |
Sales (Note 12.1):
Sales are presented as gross sales in notes to financial statements and net of various statutory levies in the statement of Profit & Loss comprising royalty, GST, GST Compensation cess, cess on coal, payment to national mineral exploration trust (NMET), district mineral foundation (DMF) and other levies etc. The Income from the sale of coal is mainly dependent on the notified price and e-auction premium which depends on the demand of coal.
During the year, the group achieved an offtake of 762.98 million tonnes against 753.51 million tonnes in the previous year, registering an increase of 1%. FSA sales decreased by C 2,085 crore as compared
to previous year due to volume decline in FSA sales quantity and average price per tonne by 1%. E auction quantity registered a volume growth of 13% however sharp decline of 17% in the e-auction average price led to overall 6% decline in e-auction net sales value. Thus, the decline in average sales price from C 1,728 per tonne of previous year to C1,667 per tonne during the year has adversely impacted the net sales by C 3,369 crore in comparison to FY 2023-24 despite the volume growth of 1%.
Other operating revenue (Note 12.1):
A major element of other operating revenue is transportation charges recovered from the customers. The company charges transportation costs for the transportation of coal to dispatch points under various slabs of distance and corresponding rates. The loading and transportation charges recovered (net of levies) during the year was C 7,692 crore against C 7,050 crore in the previous year with an increase of 9% mainly due to increase in offtake and increase in average surface transportation charges rates. Evacuation facility charges are billed on all dispatches to customers at the rate of C 60 per tonne. Increase in offtake contributed to the increase in evacuation facility charges (net of levies) from C 4,513 crore in the previous year to C 4545 crore in the current year.
Revenue from services mainly includes consultancy and other services provided by CMPDIL, a subsidiary of CIL to parties outside the group, and freight income from rail operation by the subsidiary companies of CCL, SECL and MCL. The Revenue from services stood at C1,294 crore (net of levies) in FY 2024-25 against C 433 crore (net of levies) in FY 2023-24.
Stripping activity provision is being reversed systematically whenever the situation of reversal arises as per material accounting policy of the Group. Reversal of Stripping Activity Provision during the year of C2,882 crore as compared to last year of C2,438 crore has also led to increase in other operating revenue.
Other Income (Note 12.2):
Other income includes interest income from deposits with banks, gain on the sale of mutual funds, rental income, write-back of provisions and liabilities, other miscellaneous income, etc. During the year, other income increased by C 1,501 crore
(19%) from C 7,969 crore to C 9,470 crore.
There is increase in interest income by C 780 crore mainly due to increase in interest income on income tax refund as compared to previous year. Miscellaneous income includes mainly bank guarantee encashment, penalty and liquidated damage from suppliers, processing fee income for e-auction etc. There is decrease of miscellaneous income by C493 crore. There is increase of C 1,303 crore in provision write back as compared to previous year mainly due to AMRCD decision on STC.
Particulars |
2024-25 | 2023-24 | Variation |
| Cost of Materials Consumed | 11,247 | 11,580 | -3% |
| Employee Benefit Expenses | 46,249 | 48,783 | -5% |
| Contractual Expenses | 31,812 | 27,440 | 16% |
| Stripping Activity Adjustment | -4,106 | -3,700 | 11% |
| Other Expenses | 13,407 | 14,210 | -6% |
Cost of materials consumed (Note 13.1):
The cost of material consumed relates to materials and items of stores used in coal mining and processing operations, primarily POL, explosives, HEMM spares, and timber. Other consumables used in coal mining operations include tyres, spares for other plants and machinery relating to coal handling plants and beneficiation facilities, and other miscellaneous stores and spares. The cost of material consumed has reduced by C 333 crore (3%) from C11,580 crore in FY 2023-24 to C11,247 crore
in FY 2024-25. Decline in departmental composite production, explosive prices and average bulk diesel rates has resulted in cost saving benefits to the group to the tune of C 530 crore. However due to acquisition of warranty spares for new HEMM, the cost has increased by C 197 crore.
Employee benefit expenses (Note 13.3):
The most significant expense of the group, employee benefit expense covering 43% of the total expense, shows human resource strength of the group. Employee Benefits expenses include salary, wages and allowances, contributions to provident fund, pension, post retirement medical and gratuity, staff welfare expenses, overtime payments, leave encashment, attendance bonus, productivity and performance linked bonus and other incentives, and other employee benefits.
The employee benefit expenses incurred during the current year has declined by 5% as compared to the previous year. There is a net reduction in manpower by 8,589 employees during the current year i.e. 4% reduction in total strength of last year. Recognition of past service cost in actuarial valuation due to implementation of NCWA-XI for the Non-Executives employees during FY 2023-24 also led to comparative reduction in salary cost during the year.
Contractual expense (Note 13.7):
Contractual expenses which primarily consist of transportation charges for coal, sand, and materials carried out through third-party contractors, contractor expenses relating to wagon loading operations, outsourcing contracts related to Overburden removal (OBR) and Coal extraction activities and other miscellaneous works carried out through third-party contractors for haul road maintenance at mines and temporary lighting etc.
Increase in the contractual expense of C3,423 crore is mainly reflection of groups tremendous operational performance of incremental 7 Mill. Te. of coal and 54 McUM of overburden with 5% growth in contractual composite production over last year. Increase in transportation & Wagon Loading charges of C164 crore and in other contractual work of C785 crore has been reported.
Stripping activity adjustment (Note 13.6):
This expense adjustment pertains to open cast mines. Stripping activity adjustment comprises mainly recognition of improved access to coal. Improved access to coal arises when the actual volume of overburden removed is greater than the expected volume of overburden removal. The stripping cost for excess overburden removal over the expected overburden removal is capitalised to the stripping activity asset. During the year capitalisation of improved access to coal of C4,106 crore in comparison to C3,700 crore in last year is again portrayal of groups excellent performance of overburden removal over expectation.
Other Expenses (Note 13.8):
The 6% decrease in other expenses is the result of offsetting movements within its individual components, where certain expense elements experienced notable increases, while others declined. The overall reduction indicates improved cost control and operational efficiency in specific areas, despite upward pressure in a few categories. The following analysis outlines the key drivers behind these variances.
In adherence to guidelines issued by the Department of Public Enterprises and the provisions of The Companies Act, 2013, Group has developed its CSR Policy. In accordance with the policy, the Group undertakes CSR activities out of the themes listed in Schedule-VII of the Companies Act. The group incurred C 850.17 crore during the current year which is 30% higher when compared to CSR expenses of C654 crore incurred during the previous year. Group bagged various accolades in the field of CSR initiatives.
There has been increase in repair and maintenance expenses on plant and equipment by C 105 crore and on building C57 crore. Recognition of expected credit loss of C815 crore in last year on trade receivables led to comparative decrease in provision during the year. Expenditure on Environment and tree plantation is witness of groups perseverance towards environmental consciousness and awareness. However, fall reported in the expenditure on environment and tree plantation by 40% over last year, is mainly due to increase in recognition of receivable for environmental activities falling under mine closure activities.
Increase in Research and Development Expenses by C212 crore, travelling expenses by C71 crore, Demurrage charges by C 53 crore, Security expenses by C 115 crore, Consultancy charges by C143 crore has been reported.
During FY 2023-24, Government of Jharkhand brought a scheme "The Jharkhand Karadhan Adhiniyamo ki Bakaya Rashi ka Samadhan Adhiniyam 2022" (in short "Kar Samadhan Yojna 2022") for settlement of old arrears and disputes of JVAT Act 2005, CST Act 1956, Electricity Duty Act 1948 etc. Accordingly, old pending cases of CCL and BCCL were settled under the scheme. Similarly, in last year NCL recognised provision for terminal taxes for the first time. These odd expenses led to comparative decrease in the rates and taxes expenses by C869 crore during the year.
Similarly, in miscellaneous expenses, in FY 2023-24 SECL recognised C514 crore payable to Ministry of Coal in respect of profit accrued on Gare Palma mines for which Coal India Ltd. was appointed as custodian akin to a designated custodian. This peculiar item also led to comparative decline in the miscellaneous expenses by 27% during the year.
Dividend Pay-out:
The Board of Directors of the company has recommended a final dividend of C 5.15 (51.50%) per equity share subject to approval in the forthcoming
Annual General Meeting of the company. The first interim dividend of C 15.75 (157.50%) per equity share and second interim dividend of C 5.60 (56.00 %) per equity share for the financial year 2024-25 were declared on 25th October 2024 and 27th January, 2025 respectively, resulting into total dividend of C 26.50 (265.00%) per equity share. In FY 2023-24, the holding company has declared a total dividend of C 25.50 (255.00%) per equity share in the form of final dividend C 5.00 (50%) per equity share and interim dividend of C20.50 (205.00%) per equity share.
A summary of the financial performance of the wholly owned domestic coal producing subsidiary companies and Central Mine Planning & Design Institute during the financial year 2024-25:
C Crore
Company |
Equity Investment | Gross Turnover | PAT | Dividend for the year* |
| Eastern Coalfields Limited (ECL) | 4,269 | 20,184 | 204 | - |
| Bharat Coking Coal Limited (BCCL) | 4,657 | 17,450 | 1,240 | 844** |
| Central Coalfields Limited (CCL) | 940 | 24,066 | 4,040 | 1,211 |
| Northern Coalfields Limited (NCL) | 126 | 35,138 | 9,583 | 4,038 |
| Western Coalfields Limited (WCL) | 297 | 21,808 | 3,215 | 965 |
| South Eastern Coalfields Limited (SECL) | 278 | 35,872 | 4,487 | 1,395 |
| Mahanadi Coalfields Limited (MCL) | 132 | 36,606 | 10,825 | 8,750 |
| Central Mine Planning & Design | 19 | 2,478 | 667 | 300 |
| Institute Limited (CMPDIL) |
*Including final dividend recommended, which is subject to approval in respective AGM of the subsidiary companies. ** Preference dividend
Proportion of ownership and share in financial performance of joint venture companies considered for the year:
C Crore
| C Crore | ||||
Company |
Equity Investment | Share Holding | Profit/(loss) Of Joint Venture |
Share in profit (loss) |
| International Coal Venture Private Limited (ICVL) | 2.80 | 0.19% | - | - |
| CIL NTPC Urja Private Limited | 0.08 | 50% | 0.01 | 0.01 |
| Talcher Fertilizers Limited (TFL)* | 902.15 | 33.33% | 4.30 | 1.43 |
| Hindustan Urvarak & Rasayan Limited (HURL) | 2,642.99 | 33.33% | 1382.07 | 460.69 |
| Coal Lignite Urja Vikas Private Limited (CLUVPL)* | 0.01 | 50% | 0.25 | 0.13 |
*In TFL reduction in loss of C 1.83 Crores (CIL share of loss C 0.61 crore) pertaining to FY 2023-24 and in CLUVPL reduction in profit of C 0.02 Crores (CIL share of profit C 0.01 crore) pertaining to FY 2023-24 was taken as adjustment in current year as the same was not considered in their provisional statements of previous year.
Group Financial Position
Financial position analysis of the group involves evaluating its financial statements to assess its overall financial health and stability. This analysis primarily focuses on the balance sheet, which provides a snapshot of the companys assets, liabilities, and shareholders equity as at 31.03.2025. Key elements include current assets, such as cash and inventory, which indicate liquidity, and fixed assets like property and equipment, representing long-term investments. Liabilities are scrutinized to understand the companys debt levels and obligations. The equity section reveals the owners stake in the company, highlighting retained earnings and contributed capital. Ratios such as the debt-to-equity ratio, current ratio are calculated to evaluate leverage, liquidity, and financial resilience. This comprehensive analysis helps stakeholders, including investors and creditors, to gauge the companys ability to meet its short-term obligations and sustain long-term growth.
Key financial position ratios
Particulars |
Unit | FY 2024-25 | FY 2023-24 | Variance |
| Debtors Turnover Ratio1 | Times | 14 | 13 | 8% |
| Days Sales Outstanding2 | Days | 24 | 26 | -8% |
| Inventory Turnover Ratio3 | Times | 12 | 14 | -14% |
| Days in Inventory (Qty)4 | Days | 50 | 42 | 19% |
| Current Ratio5 | Times | 1.5 | 1.7 | -12% |
| Debt Equity Ratio6 | Times | 0.07 | 0.07 | 0% |
| Net Worth: Equity Capital | Times | 16 | 13 | 23% |
1. Gross sales to average gross trade receivables excluding unbilled dues 2. Gross trade receivables excluding unbilled dues to average daily gross sales
3. Cost of goods sold to average inventory
4. Closing coal stock quantity to average daily production 5. Current assets to current liabilities
6. Long term debt to equity attributable to equity holders of the company
The decrease in gross sales by 1% whereas decrease in average debtors by 8%, led the increase in turnover ratio. There has been significant improvement in the debtors collection. Inventory turnover ratio has declined due to increase in average inventory by 26% whereas there has been marginal increase of only 3% in cost of goods sold. Increase in inventory holding from 42 days to 50 days of production is basically due to lower coal offtake performance over production. 20% quantitative increase in inventory reported over last year. Net worth to equity capital has increased due to an increase in closing net worth. Additional non-current borrowings by subsidiary companies of SECL and CCL with parallel increase in other equity has kept the long-term debt to equity capital ratio unchanged. Group has maintained its current ratio within ideal expected range.
A Comprehensive analysis of the groups financial position, based on the Consolidated Financial Statements
Refer to the consolidated financial statements in this Integrated Annual Report for detailed financial statements, schedules and notes.
C Crore
Particulars |
31.03.2025 | 31.03.2024 | Change |
| Net Tangible Fixed Assets (PPE, CWIP and E&E) | 96174 | 87689 | 10% |
| Net Intangible Assets | 9,076 | 6,940 | 31% |
| Investments | 7,591 | 7,110 | 7% |
| Inventories | 12,614 | 10,177 | 24% |
| Cash & Cash Equivalent and Other Bank Balance | 34,215 | 30,235 | 13% |
| Trade Receivables | 12,728 | 13,256 | -4% |
| Other Financial Assets | 22,144 | 20,709 | 7% |
| Other Current and Non-current Assets | 52,730 | 48,899 | 8% |
Net tangible fixed assets (PPE, CWIP and E&E) (Note 3.1 to Note 3.3):
Additions to gross block of property plant and equipment are mainly on plant and equipment of C 3,808 crore, other land C 2,783 crore, building C
1,056 crore and railway siding C 1,119 crore. Further addition of C 4,106 crore for stripping activity assets, C 733 crore in other mining infrastructure and C 2,739 crore is in site restoration cost. Gross addition in Capital Work in progress is C8,679 crore and in exploration and evaluation is C489 crore. Total charge of depreciation, amortization and impairment during the year on property plant and equipment is C 8903 crore.
Net intangible assets (Note 3.4 to Note 3.5):
Addition in Intangible assets under development of C 2,461 Crores is mainly for rail corridor under development of subsidiary companies of South Eastern Coalfields Limited namely Chhattisgarh East Railway Limited (CERL) and Chhattisgarh East-West Railway Limited (CEWRL) and of subsidiary company of Central Coalfields Limited.
Investments (Note 4.1):
Non-current investment comprises mainly investment in Joint venture companies. During the year C97 crore was invested in Talcher Fertilizers limited. Group has accounted profit of C462 crore in comparison to profit of C427 crore in previous
year as share in profit and loss of its joint venture companies. Inventories (Note 5.1):
Growth in coal production has resulted in an increase in stock of raw coal by 18 Mill. Te. as compared to previous year, thereby surging value of stock by C2,436 crore. The increase in coal stock is 20% in terms of quantity and 29% in terms of value due to increase in cost of production. Value of store, spares and other inventories has also augmented by 5% i.e. C156 crore mainly due to continuous induction of additional plant and equipment in mines to achieve higher production milestones.
Cash & cash equivalent and other bank balance (Note 4.4 to Note 4.5):
Groups balance mainly comprises deposits with scheduled commercial banks in current and term deposits. Discussion on inflow and outflow of cash and cash equivalent is covered in group cash flow position section of this discussion.
Trade Receivables (Note 4.3):
Trade receivables are mainly from central and state public sector entities of power and steel industries. Groups trade receivable excluding unbilled dues and allowance for expected credit loss stood C
12,609 crore against C 13,905 crore of last year.
Trade receivable outstanding has improved from 26 days to 24 days of gross sales, due to the managements strong focus on ensuring timely collection from customers.
Other financial assets (Note 4.6):
It includes mainly security deposits from vendors, deposit in escrow account of mine-closure plan, deposit for shifting and rehabilitation fund, other deposits and receivables and accrued interest. Net increase in deposit under the mine closure plan escrow account of C820 crore is mainly by deposit in fund C404 crore, interest credit is C854 crore and reimbursement from fund is C438 crore during the year. Increase in shifting and rehabilitation fund by C 794 crore is attributable to contribution received from coal producing subsidiary companies and interest accrued thereon. There has been decrease in accrued interest on bank deposits by C182 crore due to decrease in bank deposit which are expected to realise in cash between 3 months to 12 months period after the reporting date. Other current and non-current assets (Note 6.1 to Note 6.2):
Continuous capex and future plan of the group has steered the increase in capital advance by C 604 crore. Parallel to mine expansion and production, incessant mine closure activities are also being undertaken by the group in line with its committed plans. Increase in progressive mine closure cost receivables from escrow fund of C 560 crore during the year is thriving depiction of groups mine closure commitment. Deposits and receivables have decreased by C209 crore during the year mainly due to refund of income tax. Increase in GST input tax credit of C2723 crore is majorly attributed to inverted duty structure in the Coal Industry.
C Crore
| C | |||
Particulars |
31.03.2025 | 31.03.2024 | Change |
| Equity Share Capital | 6,163 | 6,163 | 0 |
| Other Equity | 92,942 | 76,567 | 21% |
| Borrowings | 8,908 | 6,289 | 42% |
| Trade Payables | 10,206 | 8,386 | 22% |
| Other Financial Liabilities | 20,630 | 19,617 | 5% |
| Other Current and Non-current Liabilities | 37,677 | 36,552 | 3% |
| Provisions | 80,754 | 80,992 | -0.2% |
Equity Share Capital (Note 7.1):
There is only one class of equity share having a face value of C 10/- each fully paid. The holders of the equity shares are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their share holding at the meeting of shareholders. There has not been any change in the equity share capital of the company. The shares of Coal India Limited is listed in two major stock exchanges of India, viz. Bombay Stock Exchange and National Stock Exchange on and from 4th November,2010. During FY 2023-24, through Offer for sale method of disinvestment, there was change in the Government of India shareholding from 66.13% to 63.13%. Shareholding of Life Insurance of India is 11.21% as compared to 10.18% shareholding of last year.
Other Equity (Note 7.2):
The movement in retained earnings was on account of profit earned during the year and payment of dividends. During the year, Coal India has paid C3,081 crore final dividend for the FY 2023-24 and
Interim dividend of C13,157 crore for the FY 2024-25.
Borrowings (Note 8.1):
The borrowings appearing in the books of the group are mainly on account of borrowings C 6,212 crore made by Chhattisgarh East Railway Limited (CERL) and Chhattisgarh East-West Railway Limited
382
(CEWRL), which are subsidiary companies of SECL and C C1,029 crore by Jharkhand Central Railway Limited (JCRL), a subsidiary of CCL. Long term loan from Export Development Corporation, Canada C154 crore and short-term loan from Bank C1,509 crore against fixed deposits is related to Eastern Coalfields Limited (ECL).
Trade Payables (Note 8.3):
With growing procurement and transactions with MSME parties, trade payable balance from them has shown rise of 5%. This is also a mark of groups continuous endeavor to promote the micro, small & medium enterprises (MSME). The ambitious performance goals set forth by the Group have necessitated an intensified scale of operations, which in turn has contributed to a notable increase of 22% in the outstanding dues of creditors other than MSME also.
Other Financial liabilities (Note 8.4):
Commensurate with operational growth, additional procurement of goods and services has resulted into increase in the security deposits from the vendors by C193 crore. High balance payable for capital expenditure of C 6,838 crore is indication of groups growing capital expenditure on the infrastructure. Employee benefit payable is basically payable amount for the latest month of the year. As a result of annual increment effect, employee benefits payable increased by C61 crore. Surge in Others comprises mainly liability for Composition user fee of BCCL and CCL.
Other current and non-current liabilities (Note 10.1 to Note 10.2):
The reduction during the year in the government grants amount received for various public infrastructure capital projects works at Bharat Coking Coal Limited, Central Coalfields Limited and Mahanadi Coalfields Limited is for amortisation of balance in correspondence with respective assets. Shifting and Rehabilitation work are undertaken for fire and stabilization of unstable areas of Eastern Coal Fields Limited and Bharat Coking Coal Limited under direction of the Ministry of Coal. The increase in the liability is attributable to the interest credit and contributions dues from subsidiary companies. Statutory dues are payable amount for the latest month of the year. The balance of C 8,499 crore reflects our gigantic turnover.
Provisions (Note 9.1):
The main factor of reduction in provision has been implementation of NCWA-XI during the year 2023-
24. This caused the decline in the employee benefit provision by C 709 crore. The second main reason for reduction of provision has been the systematic reversal of stripping activity provision by C2,882 crore in the mines where volume of overburden removed during the year has been more than expected volume of overburden removal. The variation in employee benefit provisions for gratuity, leave, and PRMB are primarily due to an increase in obligations resulting from a reduction in the discount rate from 7% to 6.60%. This increase was partially offset by liability payouts linked to a decrease in overall manpower compared to the previous year and changes in the funding status of the related plan assets. As a result, there is overall marginal decrease of only C 111 crore for these employee benefits in the provision head. As per MCP guidelines dated 31.01.2025, the revised rate of provision is C 14 lakh and C2 lakh per hectare as compared to C9 lakh andC1.50 lakh as per previous applicable guidelines in case of opencast and underground mines respectively. As a result, there has been increase in the mine closure provision of C2,912 crore net of withdrawal during the period.
Group Cash Flow Position
C Crore
Particulars |
31.03.2025 | 31.03.2024 |
| Cash and Cash Equivalent as at the beginning of the year | 5,345 | 5,627 |
| Net Cash Flow Generated from Operating Activities | 29,200 | 18,103 |
| Net Cash Used in Investing Activities | -10,076 | -4,486 |
| Net Cash Used in Financing Activities | -13,309 | -13,899 |
| Net Cash Flow | 5815 | -282 |
| Cash and Cash Equivalent as at the end of the year | 11,160 | 5,345 |
The group earned C 29,200 crore from operating activity after payment of income taxes. Realisation of the mutual fund, interest income and proceeds of old assets sale were C 3,700 crore under investing activity. Above cash flow earned amount has been used towards the purchase of property, plant, and, equipment, expenses in exploration and evaluation assets and deposit in banks C 13,680 crore.
C 97 crore was invested in the Joint Venture – Talcher Fertilizers Limited. C 16,239 crore was paid as dividends to the shareholders of the company and C313 crore was paid for interest and leases. Thus with the proceeds from borrowings of C 3,244 crore, the opening balance of cash and cash equivalent of C 5,345 crore has reached to C 11,160 crore i.e. net cash flow of C 5,815 crore.
Thus, our financial performance underscores strong operational discipline, prudent financial management amid dynamic market conditions and strategic agility in navigating market challenges.
We remain committed and focused on driving sustainable growth, optimizing resource, enhancing profitability, and strengthening our financial position to create enduring shareholder value.
8.0 Material development in human resources/ Industrial Relations front, including number of people employed.
I. Manpower: -
T he manpower strength of the company as on 1.04.2025 against the previous year was as under: -
Year |
Executives | Non-Executive | Total |
| 01.04.2024 | 15,777 | 2,13,084 | 2,28,861 |
| 01.04.2025 | 15,137 | 2,05,134 | 2,20,272 |
The manpower strength has come down by 8589 during 2024-25
II. Industrial Relations: -
T he following pro-active and strategic Industrial Relations (IR) approaches & practices have ensured harmonious & sustainable industrial relations in the company: - a) Workers Participation in Management: -
Several bilateral fora such as Apex JCC, Corporate JCC/ Steering Committee, Safety Committee, Housing Committee, Welfare Board/ Committee, etc. are functional in order to resolve the issues pertaining to service conditions, welfare, safety, etc. of employees. Besides, structured Industrial Relations meetings are held with the Trade Unions periodically.
b) Contract Labour Cell:-
Approximately, 1,14,085 Contractors workers (as on 31st March 2025) were deployed by the contractors in various activities of the company
Reservations: -
CIL complies with the provisions of Presidential Directives on reservations for SC/ST/OBC/PWD/ EWS as per circulars issued thereof.
c) Diversity Management: -
CIL recruits its executive cadre employees from across the country through GATE score and all India based open examination and for Lateral Recruitment through Interview wherein reservation policy is strictly complied.
Manpower of CIL constitutes 16.81 % of SC, 12.79 % of ST and 23.49 % of OBC as on 01.01.2025. Female employees of CIL constitute 9.08 % of its total manpower.
d) Non-Discrimination: -
No discrimination on the ground of religion, caste, region, creed, gender, languages etc. is done in CIL & its Subsidiaries.
e) Special Benefits to Persons with Disabilities
CIL has an Equal Opportunities Policy and special provisions in Transfer Policy, TA/DA Rules, Housing Policy, Promotion Policy and Leave Rules for safe guarding the interests of Persons with Disabilities, and also for pro-active actions to facilitate the inclusion and participation of Persons with Disabilities in work and other activities.
f) Prevention of Sexual Harassment at workplace: -
Sexual harassment of any form is handled strictly at CIL and its subsidiaries. The statutory provisions with respect to the same are adhered to. It is treated as a misconduct for Executive Cadre employees as per the Conduct, Discipline and Appeal Rules as well as for Non-Executive Cadre employees as per the Certified Standing Orders.
g) Freedom of Associations: -
Employees are free to be a part of any registered TradeUnion/EmployeesAssociationRepresentation of employees is allowed in the bipartite bodies through Trade Unions / Associations.
h) Post-Retirement Medical Support: -
Contributory Post Retirement Medicare Schemes for Executives and Non-Executive Cadre employees of CIL/Subsidiaries have been formulated. Medical coverage extended to the employees is given below:
Benefit under Contributory Post Retirement Medicare Schemes |
Executive, Spouse & Divyang Children (Coverage) | Retired Non- Executive, Spouse & Divyang Children (Coverage) |
| Normal | C 25 Lakh | C 8 Lakh for Retd. |
| Diseases | for Retd. | Employee & |
| Executive & | Spouse | |
| Spouse | ||
| C 2.5 Lakh for | C 2.5 Lakh for | |
| Divyang Child | Divyang Child | |
| Specified | At CGHS rates without ceiling, | |
| Critical Diseases | (for both retired employee & | |
| their Divyang Child) |
i) Social Security: -
All employees of CIL and its subsidiaries / contractors workers are covered under the social security schemes as given below: -
(A) For employees of CIL and its subsidiaries:
1. Compensation under the Employees compensation Act, 1923
2. Gratuity: Upto C 20 Lakhs as per Payment of Gratuity (Amendment) Act, 2018
3. Coal Mines Provident Fund (CMPF):
- All employees of CIL/Subsidiaries are covered under the Coal Mines Provident Fund scheme with equal share of contribution from both (i.e. from employees and the employer).
4. Coal Mines Pension Scheme (CMPS): - All employees are covered under the Coal Mines Pension Scheme by which, on superannuation, they receive upto 25% of their total emoluments as monthly pension. (Basic + DA)
5. Life Cover Scheme: - An amount upto C1,56,250/- is paid under the Life Cover Scheme
6. Ex-Gratia: - An Ex-gratia compensation of C 15 lakhs in case of fatal mine accident is paid to the next of kin of the deceased employee.
An additional amount of C 90,000 as ex-gratia, in addition to Employees Compensation Act, 1923, is paid to the eligible dependents, in case of death or permanent total disablement of the Non-Executive Cadre employees of CIL/Subsidiaries.
7. Employment / Monthly monetary compensation in lieu of employment: -
There is provision of employment to one dependent of the employees who dies while in service.
Female dependents of the employees dying while in service are provided the Monthly Monetary Compensation, in lieu of employment, till attainment of 60 years of age or death whichever is earlier.
8. Defined Contribution Superannuation Pension Scheme (DCSPS): - CIL has formulated a DCSPS for executives as per DPE guidelines covering Board level and below Board Level Executives to provide superannuation benefit in the form of annuity through an Annuity Service Provider, post retirement.
9. Facility of opting various benefits under Corporate Salary Package (CSP) scheme of various Banks.
10. Medical facility to the employees and their eligible dependents.
(B) For contractors workers engaged in CIL and its subsidiaries by contractors.
1. Gratuity as per Payment of Gratuity Act, 1972.
2. Mandatory coverage for all contractors workers under CMPF Act 1948 or EPF Act 1952. Nominee of deceased contractors workers are eligible for payment of accumulated amount under EPF/CMPF.
3. Compensation under the Employees compensation Act, 1923
4. An Ex-gratia amount of C 15 lakhs is paid to the next of kin of the contractors
5. Facility of opting for Personal Accidental Insurance under Corporate Salary Package (CSP) scheme of various Banks.
6. Medical facility to the contractor workers in the Company Hospitals and dispensaries.
HUMAN RESOURCE DEVELOPMENT:
T he critical role of Human Resource in achieving this goal is well understood by the organization and hence prioritizes workforce development as a key strategic focus. Through continuous training, capacity building and leadership development initiatives, Coal India Limited aims to enhance employee capabilities and drive organizational excellence.
During 2024-25 different training programs were organized at subsidiary headquarters, training centers, vocational training center and also at CILs own in-house training facility Indian Institute of Coal Management, Ranchi. These training programs were organized after accessing the training needs in the respective category of employees.
Employees were given trainings for skill development and acquisition of knowledge and skill in existing and future technology as well as safety. In addition to in-house training, employees were trained at reputed training institutes like IIM Lucknow, IIM Mumbai, IIM Sambalpur, ISM Dhanbad, XLRI Jamshedpur etc. in their respective fields of operations.
Talent Acquisition:
In the financial year 2024-25, CIL has expanded its wingspan of Executive cadre by recruiting 47 Medical Executives in 2nd Phase, through Open Recruitment. The 3rd phase of recruiting 23 Medical Executives is underway. Additionally, recruitment through GATE-2024 for 640 Management Trainee in Technical disciplines is underway. Offer of Appointment will be issued shortly. For recruitment of Management Trainees in Non- Technical disciplines, the Computer Based Test for 434 vacancies in 09 disciplines was conducted on 29.03.2025 and the process is currently underway, for publication of result.
Further, towards career progression of employees, the companys Internal Promotion/Selection from Non-executive to executive grade in Mining Discipline for 227 vacancies and Departmental Promotion/Selection from Non-Executive to Executive Grade in various disciplines for 1972 vacancies is underway. This dual strategy fortifies our Executive team for succession planning and production targets, exemplifying our commitment to a dynamic and skilled leadership team for sustained success.
These new recruits at entry level will undergo comprehensive development program, blending off-the-job and on-the-job training interventions. Guided and mentored by experienced senior executives within the company, this process is designed to prepare them for assuming roles as responsible senior executives in the future. By facilitating their easy adaptation to the next level of the organization, with an inclusive culture for seamless transition, it would aim for long-term success for both the individuals and the company.
A detailed paragraph on Human Resource Development forms part of the Directors Report and reference may be drawn from the same.
9.0 ENVIRONMENTAL PROTECTION AND CONSERVATION
It is a common misconception that mining and environmental protection cannot go hand in hand. Coal India Limited (CIL) has consistently demonstrated that with strategic planning and sustainable practices, mining operations can not only minimize environmental impact but also contribute positively to ecological restoration.
Environmental protection measures are implemented concurrently with mining activities to maintain acceptable levels of key physical attributes such as air and water quality, hydrogeology, noise levels, and land resources.
To mitigate fugitive dust emissions, water spraying systems have been installed across various operational points including roads, washeries, First Mile Connectivity (FMC) projects, coal handling plants (CHPs), feeder breakers, crushers, coal transfer points, and stockyards.
Sustainable Development Initiatives:
CIL has undertaken a range of sustainable development activities such as:
• Alternative use of overburden (OB)
• Creation of Amrit Sarovars
• Mine tourism initiatives
• Pisci-culture in mine voids
• Installation of solar energy plants
• Energy efficiency improvements
Gr eening Our Surroundings:
One of the most visible ways we protect the is through massive tree plantation drives. Trees are incredible for improving air quality and reducing noise.
In the last five years alone, weve planted over 13.1 million saplings within our mining areas, covering more than 5,400 hectares.
Weve also planted over 3.5 million saplings in areas outside our direct mining operations, covering nearly 2,400 hectares.
The plantation within mine leasehold area, in last 5 years, has created an annual carbon sink potential of
2,72,000 tonnes of CO
2 equivalent.Just last financial year (2024-25), we planted over 4 million saplings and even carried out grassing over 206 hectares to help stabilize the soil and promote greenery.
Eco Parks and Mine Tourism:
To promote biodiversity and recreational opportunities, CIL has developed 33 eco-parks and mine tourism sites, including:
Kalidaspur Bio-Diversity Park (ECL)
Parasnath Udyan, AKWMC Colliery (BCCL)
Bishrampur Tourism Site (SECL)
Chander Shekhar Azad Eco Park, Bina (NCL)
Neem Vatika, Raiyatwari, Chandrapur (WCL)
Kayakalp Vatika (CCL)
Ananta Medicinal Garden (MCL)
W ater Management
Ef fluent treatment facilities have been established across major projects to handle mine, workshop, and CHP effluents using oil and grease traps, sedimentation ponds, and water storage and reuse systems. Domestic sewage treatment plants are also operational for processing household waste.
Groundwater recharge is facilitated through rainwater harvesting, construction of ponds/lagoons, and de-silting of existing water bodies, both within mines and surrounding villages.
In FY 2024–25, CIL shared 2513.66 lakh cubic meters of water with nearby communities, benefiting over 11.79 lakh people in 880 villages for domestic and agricultural purposes.
C omprehensive Water Management Strategy
10. CORPORATE SOCIAL RESPONSIBILITY
As a coal-focused natural resource company, we are committed to responsibly managing Earths resources to create sustainable value for communities and future generations. We earn and sustain our communitys trust—our social license to operate— through sustainable practices that foster trust and long-term impact.
Our commitment towards society is evident from the fact that for the FY 24-25, Coal India Ltd. (CIL HQ), Kolkata, allocated a budget of C 154.72 crore in Annual
Action Plan for CSR activities, significantly exceeding the minimum statutory requirement of C 16.25 crore. During the financial year, CIL successfully utilized C 95.73 crores for CSR, surpassing its obligations under the Companies Act, 2013.
As per DPEs guidelines, the priority theme during the year was kept as ‘Healthcare, Nutrition and PM Internship Scheme in which 60% of the total expenditure was made. Other themes which were given due focus during the year were Education, Skilling & Livelihood, Environmental Sustainability, Empowerment of Vulnerable Groups and Rural Development. Several high-investment, high-impact CSR initiatives were continued during the year, including:
• Thalassemia Bal Sewa Yojana (TBSY), which celebrated a remarkable milestone of 700 bone marrow transplants.
• Project ‘Nanha Sa Dil for congenital heart disease in Jharkhand, facilitating 270 heart surgeries and conducting over 63,000 screenings.
• Th construction of a girls e hostel at the prestigious Indian Institute of Technology (IIT) Bombay.
• The NIRMAN scheme, empowering underprivileged civil service aspirants.
• A range of employment-oriented skill development programmes aimed at providing unemployed youth with the tools to build sustainable careers.
CIL organized the 3rd CSR Conclave on 15th and 16th December 2024 at Kolkata where thought leaders/ domain experts shared their thoughts with 200+ participants which included executives engaged in CSR, CPSEs based out of Kolkata and management and senior officers of CIL & Subsidiaries. The occasion was graced by the Honble Governor of West Bengal as the Chief Guest and Secretary to the Govt. of India, Ministry of Coal as the Guest of Honour.
Coal India Ltd. (CIL) has earned global recognition for its relentless commitment to societal development, clinching the Gold award in the CSR category for the ‘Fuel, Power, and Energy sector at the prestigious ‘Green World awards. The award was presented in a ceremony in London on 18th November 2024. Adding to its accolades, CIL also secured the esteemed ‘Golden Peacock Award for Corporate Social Responsibility, which was presented on 6th February 2025 in Mumbai.
CSR budget vs expenditure for FY 24-25 for CIL (HQ)
S. No. |
Item | Amount (H Crores) |
| 1 | CSR budget as per minimum statutory provisions | 16.25 |
| 2 | CSR budget as per CILs CSR policy | 154.72 |
| 3 | Expenditure incurred | 95.73 |
T heme wise Expenditure during FY 24-25 by CIL (HQ)
S. No. Thematic Area |
Expenditure in F.Y. 2024-25 (H Crores) | As a % of Total CSR Expenditure in F.Y. 2024-25 |
| 1 Healthcare, Nutrition & Sanitation | 57.88 | 60.46% |
| 2 Education, Skilling & Livelihood | 27.65 | 28.88% |
| 3 Rural Development | 4.79 | 5.00% |
| 4 Environmental Sustainability | 2.65 | 2.77% |
| 5 Welfare of vulnerable groups such as SC/ST, | 2.62 | 2.74% |
| Women, Divyangs | ||
| 6 Other themes, Administrative expenditure and | 0.14 | 0.15% |
| Impact assessment | ||
Total |
95.73 | 100.00% |
Major Projects for which CSR fund was utilized in FY 24-25 by CIL (HQ) a) Item – I of Schedule VII – Healthcare, Sanitation & Nutrition a. H 17.25 Crores were utilized for the flagship project ‘Thalassemia Bal Sewa Yojana (TBSY)
b. H 8.82 Crores were utilized for construction of girls hostel at Indian Institute of Technology, Bombay (IITB) to provide hygienic and safe accommodation to girl students c. H 4.46 Crores were utilized for the Project
‘Nanha Sa Dil – a comprehensive project for Congenital Heart Diseases (CHDs) in 4 districts of Jharkhand
d. H 2.89 Crores were utilized for providing medical equipment for the under-construction cancer hospital of Shree Mahavir Health and Medical Relief Society, Surat
e. H 2.80 Crores were utilized for providing nine nos. of manhole cleaning Bandicoot robots in three municipal corporations of Gujarat to reduce the practice of manual scavenging
f. H 1.74 Crores were utilized for providing 19 LPG portable Cremators to 19 Municipal towns/ corporations/villages in 13 Costal Revenue district of Andhra Pradesh
g. H 1.54 Crores were utilized for construction of girls hostel for 60 girls from tribal communities in Lohardaga, Jharkhand
h. H 1.15 Crores were utilized for construction of hostel building in Residential Educational Institution in village Sandalpur, District Dewas, Madhya Pradesh
i. H 1.12 Crores were utilized for Improvement of
Spine and Optical health of children through distribution of 15000 Innovative school bags in ten districts of Uttar Pradesh j. H 1.04 Crores were utilized for installation of sewage treatment plant, water treatment plant and gabion wall at Free Residential Learning Centre (school) for 1,000 girls at Joka, West Bengal
k. H 1.00 Crores were utilized for Distribution of hearing aids to person with hearing disability in Assam
b) Item – II of Schedule VII – Education & Livelihood a. H 6.02 Crores were utilized for CIL-ASHIS (Coal
India Limited – Aayushmaan Shiksha Sahayata) scheme for providing a scholarship of H 45,000 per student to COVID orphans
b. H 4.15 Crores were utilized for setting up of infrastructure for school of Experiential Education at Himalayan Institute of Alternatives, Ladakh (HIAL)
c. H 2.05 Crores were utilized towards commissioning of digital classrooms in 70 schools of Dharwad, Karnataka
d. H 1.77 Crores were utilized for skill training of
253 youth at Central Institute of Petrochemicals Engineering and Technology (CIPET), Guwahati
e. H 1.46 Crores were utilized for Augmenting livelihood of Kantha artisans by construction of Skill Development centre with handholding supporting by awareness campaigns as a part of the project at Birbhum, West Bengal
f. H 1.22 Crores were utilized for construction of Inter Collage School Building at Rafi Ahmed Kidwai Memorial College at Barabanki, Uttar Pradesh
g. H 1.19 Crores were utilized for establishing
STEM Labs in 40 Government schools of Koderma, Jharkhand
h. H 1.06 Crores were utilized towards the project for training a total of 655 youth in different trades through TATA Strive c) Item – III of Schedule VII – Empowerment of Vulnerable Groups such as Women, SCs and STs a. H 1.78 crore were utilized for women empowerment project by providing sewing machines and relevant training to 800 BPL women in coastal district of Andhra Pradesh
d) Item – IV of Schedule VII – Environmental Sustainability a. H 1.14 Crores were utilized for financial support to Wildlife Institute of India (WII) for Bio-diversity challenges through finding innovative solution based on rigorous scientific knowledge e) Item – X of Schedule VII – Rural Development Projects a. H 2.50 Crores were utilized for construction of border road in Badrinath
b. H 1.58 Crores were utilized for power supply/ electrification of un-electrified 30 nos. of Majra/Tola/Habitations of Betul District, Madhya Pradesh.
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