Coal India's production rises 16% yoy to 479 MTs during 9MFY23

3 Jan 2023 , 08:50 AM

Coal India’s (CIL) production surged to 479 million tonnes (MTs) ending December FY23, achieving 101.4% of the progressive target. CIL pipped the target by 6.7 MTs.

According to the official statement, the y-o-y increase in quantum terms was a humungous 65.4 MTs in the 9MFY23, logging a robust growth of 16%. Thus, the growth rate for the fourth quarter of current fiscal has slid down to 5.7% which at the beginning of the fiscal year was 12.4%. 

“To outdo the annual output target of 700 MTs, CIL has to produce 221 MTs in Q4 FY’23 against 209 MTs for comparable quarter last fiscal. Our production pace is already up and expected to rise higher. Another point in our favor is large quantities of over burden removal. We feel positive about scaling over the output target,” said a senior executive of the company.

Production of 66.4 MTs for the month of December’22 was the highest in this fiscal so far. It was 6.2 MTs ahead compared to same month last year with a growth of 10.3%.

CIL supplied close to 508 MTs of coal to all consuming segments in April-December’22 with a volume expansion of 26 MTs, reflecting 5.4% growth over 481.6 MTs of same period last year. CIL supplied 2.6 MTs more coal over the progressive target, posting 100.5% achievement.

Coal supplies during Apr-Dec’22 to power sector at 432.7 MTs were up by a strong 42.5 MTs clocking 11% yoy growth. CIL supplied 390.2 MTs to coal fired plants in the similar period last year. On the back of increased production CIL supplied 10.5 MTs to non-power sector in December, the highest for the fiscal so far. 

CIL closed December’22 with coal stock of 32 MTs at its pitheads, the company said in a filing with the Securities and Exchange Commission.

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