Coal India gains after coal output rises to record high level in FY23

7 Sep 2022 , 01:32 PM

The government-owned coal miner said that its production increased by 44.6 million tonnes (MTs) in just 5 months and 4 days of the ongoing fiscal, as of 4 September, eclipsing the previous best of 44.5 MTs registered in FY16, which though was for the entire year. The record milestone was achieved when the companys progressive production touched 259.6 MTs on 4 September 2022 of the current fiscal, compared to 215 MTs same date last year. A senior executive of CIL commented: ?What makes the achievement standout is that CIL accomplished the absolute growth of 44.6 MTs in production in only a span of 5 months and 4 days of the current fiscal whereas the earlier high of 44.5 MTs was for the full fiscal of 2015-16.? Pursuing 700 MT production target in FY23 CIL began the chase with an asking growth rate of 12.4% which, on the back of a strong output performance, slid down to 8% as of now. All the subsidiary companies of CIL have posted growth over last year. CIL usually produces higher volume of coal during the second half of the financial year than in the first half. Of the 700 MT target of FY23 the production split is around 44% for the H1 and 56% for the H2. At the current pace of production, if CILs mining areas are not excessively affected by heavy seasonal deluge in September, the company is hopeful of reaching close to the apportioned H1 target of 306 MTs. Coal India is a coal mining company engaged in the production and sale of coal. As of 30 June 2022, the Government of India held 66.13% stake in the company. The state-run coal majors consolidated net profit climbed 178.7% to Rs 8,832.86 crore on 39.5% jump in revenue from operations to Rs 32,497.98 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News