Coal India races ahead of coal despatch of FY21 till Mid-February 2022, stock gains ~2%

18 Feb 2022 , 11:12 AM

Coal India Limited (CIL) said in the press note that the company is running ahead of its total coal despatch of the FY21 as of February 16, 2022.

CIL has informed the investors that so far, it has supplied 575 MTs of coal from April 1, 2021, to February 16, 2022, topping the coal supply of the entire FY21 at 574.50 MTs.

As of February 16, 2022, CIL has logged 23% yoy growth in its dispatch to power plants at 468.40 MTs as compared to 381 MTs of the corresponding period last year, the company said in the filing.

The company recorded a growth of 9.4% yoy in power generation till December 2021, being the highest in a decade on the back of strong post covid economic revival. However, coal imports plunged to nine-year low, led by sharp increase in international coal prices.

Nearly two months before the current fiscal’s closing, CIL dispatched 446.5 MTs of coal to the power sector, already ahead of the quantity that it supplied to the utilities during the FY21, at 445 MTs.

CIL strives to further its supplies to the regulated power sector to 548 MTs ending 2021-22 as per the central electricity authority’s projection. If this comes true, it would mean a 103 MT jump in its volume as compared to previous dispatch to the power sector.

CIL’s current coal production is at 2.3 MTs/day and expected to scale up to 2.6 and above in the high yielding month of March, it added.

Coal India was trading in upper circuit at Rs166.15, up by Rs3.10 or 1.90% against its previous closing price of Rs163.05. It touched day’s high and low of Rs166.80 and Rs162.50 respectively.