Coal India output rises 20% in H1 FY23

3 Oct 2022 , 08:47 AM

Achieving nearly 43% of the fiscals 700 MT production target in six months Coal India Limited (CIL) is aiming to close on the rest in the second half. Customarily, CILs H2 production yield is much higher than the H1. The coal majors total coal off-take at 332 MTs in April-September 2022 surpassed the target, achieving 101.7% satisfaction. CIL supplied 24 MT more coal compared to 308 MTs of same period last year at a growth of 7.8%. Supplies to power plants, buoyed by increased production and higher loading, have risen sharply to 285.5 MTs in H1 FY23. The year-on-year jump is 41 MTs logging 16.8% growth. CILs supplies stood at 244.5 MTs in H1 FY22. As of September end (till 29th) coal inventory at domestic coal based plants stood at 24 MTs with bulk of the stock boosted by CILs supplies. Dispelling coal shortage apprehension during the festive season there is sufficient coal stock at CILs pitheads and at power plants. Now adequate coal stocks are within reach. Production also increases from October onward. There is no cause for shortage apprehension, said a senior official. CILs output for September22 at 45.7 MTs witnessed 12.3% growth. Increase in absolute terms is 5 MTs compared to 40.7 MTs of same month last year. Supply to power sector in September rose to 42 MTs compared to 39.3 MTs registering 7% growth. CILs offtake stood at 48.9 million tonnes (MT) in September 2022, growing 1.1% compared with 48.4 MT recorded in the same month last year. 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. Shares of Coal India fell 0.59% to Rs 212.30 on Friday, 30 September 2022. Powered by Capital Market – Live News