Coal India posts 30% yoy growth in production in May 2022; stock zooms ~2%

1 Jun 2022 , 02:20 PM

Coal India Limited posted a robust output growth of 30% in May 2022. The increase in volume terms was 12.6 million tonnes.

The company reported production of 54.7 million tonnes (MTs) of coal during the month as compared to 42.1 MTs in May 21.

During the first two months of FY22, CIL logged 24.2 MTs more coal production than in the previous year, reflecting a healthy growth of 29% yoy.

CIL’s production rose sharply to 108.2 MTs till May 22 of the current fiscal year as against 84 MTs for the comparable period in FY21. All the coal-producing subsidiaries of Coal India have achieved growth for the month as well as progressive up to May 22.

Even amid an unrelenting elevated demand for coal, CIL supplied 52.4 MTs to the power sector in May 22 with high growth of nearly 18% over last year’s May. Supplies to the utilities during May 21 were 44.5 MTs.

CIL’s total off-take for May 22 was 61.2 MTs compared to 55 MTs of the previous year’s May achieving 11.30% growth. Whereas the growth in total off-take for April-May 22 was 8.7% with the company shoring up its supplies to 118.7 MTs Off-take for the similar period last year was 109.2 MTs.

Coal India is currently trading at Rs196.75 up by Rs3.7 or 1.92% from its previous closing of Rs193.05 on the BSE. The scrip touched intraday high and low of Rs197.20 and Rs192.90 respectively.