Coal India records 17% growth in production so far in FY23

1 Dec 2022 , 01:50 PM

Coal Indias (CIL) progressive production of 412.6 million tonnes (MTs) during April-November22 evinced a sharp y-o-y increase of 59.2 MTs with a strong growth of around 17%. Production was 353.4 MTs for the comparable period last year. CIL has achieved 99.7% of the progressive production target and brought down the annual asking growth rate by almost half to 6.7%. The company began FY23 with an asking rate of 12.4% in a bid to edge past the years output target of 700 MTs. The state owned coal miner has to produce 287.4 MTs of coal during the remaining four months of the current fiscal to reach its FY23 output target. ?This is achievable? said a senior official of CIL adding ?with strong augmentation in production so far and overburden removal displaying robust growth that helps in faster extraction of coal in the coming months, we feel confident of surpassing the fiscals production target. Also, during Q4 production steps up into higher trajectory?. For the month of November22 at 60.7 MTs CILs production achieved 100% target satisfaction clocking nearly 13% growth over 53.8 MTs of last years November. Increase was 6.9 MTs in absolute terms. Sequentially, production has risen by 14.7% in November22 over 52.9 MTs of October22, the volume increasing being 7.8 MTs. Boosting CILs prospects of ramping up future production, overburden removal surged ahead by 18% ending November22. CIL excavated 984.5 M.Cu.M of topsoil till November22 against 835 M.Cu.M for comparable period of FY22. OBR growth for the month was 28.4%. CILs supplies to power plants went up by 39.5 MTs to 380.7 MTs during AprilNovember22 posting 11.6% growth. Supplies were 341.2 MTs year ago same period. Total coal off-take to all consuming sectors was 445 MTs till November FY23 with a jump of nearly 24 MTs registering y-o-y growth of 5.7%. Coal stock at CILs pitheads at the end November stood at 28.5 MTs.Powered by Capital Market – Live News