January 2, 2023 - Supplies to power sector so far in FY23 from Coal India stood at 432.7 million tonne, 11% higher on a year-on-year basis.
New Delhi: Coal India reported a 16% growth in its coal production so far during April-December at 479 million tonne.
The state-run mining major has achieved 101.4% of the progressive target, as it pipped the target by 6.7 metric tonne, a company statement on Monday said.
“The y-o-y increase in quantum terms was a humungous 65.4 MTs in the nine month period of FY23, logging a robust 16% growth. This means the asking 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%," it said. All the subsidiaries of Coal India have posted double digit growth, according to the statement.
“To outdo the annual output target of 700 MTs, CIL has to produce 221 MTs in Q4 FY23 against 209 MTs for comparable quarter last fiscal. Our production pace is already up and expected to rise higher. Another point in our favour is large quantities of over burden removal. We feel positive about scaling over the output target," the statement quoted a senior company executive as saying.
In December, Coal India produced 66.4 million tonne, which was the highest monthly production so far in the fiscal and 10.3% higher on a year-on-year basis.
The growth of 19.2% in over burden removal (OBR) at the end of the current fiscal’s December is an encouraging stimulus for CIL to ramp up its output in the coming months.
CIL supplied nearly 508 million of coal to all consuming segments in April-December with a volume expansion of 26 million tonne. This reflects 5.4% growth over 481.6 million of same period last year.
Supplies to power sector so far in FY23 from Coal India stood at 432.7 million tonne, 11% higher on a year-on-year basis. On the back of increased production, it also supplied 10.5 million tonne to non-power sector in December, the highest for the fiscal so far.
At the end of December, Coal India had a coal stock of 32 million tonne at its pitheads.