Coal India's output rises 17% y-o-y in November

2 Dec 2022 , 09:16 AM

Coal India’s (CIL) progressive production of 412.6 million tonnes (MTs) from April to November 22 showed a 59.2 MT increase year on year, with robust growth of around 17%. In the previous year’s comparable period, production was 353.4 MTs.

CIL met 99.7% of the progressive production target and reduced the annual asking growth rate by nearly half to 6.7%. In order to exceed the year’s output target of 700 MTs, the company began FY23 with an asking rate of 12.4%.

To meet its FY23 output target, the state-owned coal miner targets production of 287.4 MTs of coal during the remaining four months of the current fiscal year.

CIL’s supplies to power plants increased by 39.5 MTs to 380.7 MTs between April to November of this year, representing an 11.6% yoy uptick. During the same period last year, supplies totaled 341.2 MT.

CIL’s production for the month of November 2022 reached 100% target satisfaction at 60.7 MTs, representing a nearly 13% y-o-y increase over 53.8 MTs in November of last year. In absolute terms, the increase was 6.9 MTs.

In November 2022, production increased by 14.7% yoy over 52.9 MTs in October 2022, with volume 7.8 MTs jump in volume.

Overburden removal increased by 18% through November 22, increasing CIL’s chances of increasing future output. CIL excavated 984.5 million cubic metres of topsoil through November 22, compared to 835 million cubic metres in the same period in FY22. The month’s OBR growth rate was 28.4%.

Total coal offtake to all-consuming sectors was 445 MTs in November FY23, representing a nearly 24 MT increase year on year.

At around 9.20 AM, Coal India was trading at Rs227.20 up by 0.53% from its previous closing of Rs226 on the BSE. The scrip opened at Rs226.

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