Coal India output at 619.7 million tonne so far in FY23
1 min read . Updated: 01 Mar 2023, 04:38 PM IST
PremiumCoal India’s output in February stood at 68.8 million tonne, the highest for the month in any year till now. This represents a growth of 7% from the year-ago period. The increase of 4.5 million tonne in volume terms came on a high base of 64.3 million tonne.
New Delhi: Coal India Ltd (CIL) has reported a 14.3% growth in its production so far in FY23 at 619.7 million tonne. During the corresponding period (April-February) of FY22, the company had produced 542.4 million tonne of the mineral.
“Coal India’s (CIL) production of 619.7 million tonnes (MTs) till February in the current financial year posted a strong 14.3% growth over 542.4 MTs of same period last year. This is 100% achievement against progressive target," said a company statement.
With a gain of 77.3 million tonne, CIL is well on its way to breach the FY23 production target of 700 million tonne, it added.
Coal India said that all subsidiaries of the company have registered growth over previous year. Dhanbad-based Bharat Coking Coal Ltd has already wrapped up its annual production target of 32 million tonne on 27 February.
As per the statement, on progressive basis, CIL has consistently maintained a high double digit production growth since the beginning of the fiscal. This was catalytic in flattening the annual asking growth rate to a mere 0.07% at February end, a month ahead of year’s closure.
“The company is aiming to augment the growth further in March’23 and any increase would have supplementary influence over the target" said a senior official of the company.
Coal India’s output in February stood at 68.8 million tonne, the highest for the month in any year till now, according to the statement. This represents a growth of 7% compared to February, FY22. The increase of 4.5 million tonne in volume terms was notched over a high base of 64.3 million tonne.
CIL’s total supplies at 630.5 million increased by 30.6 million tonne on a year-on-year basis, during April-February. The company posted a growth of 5.1% compared to 599.8 million tonne of corresponding period last year. Three of CIL’s subsidiaries BCCL, NCL and MCL have surpassed their respective annual off-take targets.
Amid rising demand, CIL supplied 46 million tonne more coal to the power sector in the eleven months of the current financial year at 534 million tonne. This is a 9.4% growth compared to 488 million tonne of same period last year.
The increase in production and supplies comes at a time when there is anticipation of a surge in power demand in the upcoming peak demand season thereby raising the demand for coal.
In a bid to avert power crisis during the summer months in 2023, the union power ministry in January directed all power generation companies in the country to blend imported coal up to 6% of their requirement till September. The move came on the back of the government’s anticipation of a deficit of 24 million tonne during first half of the next fiscal.
The Coal India statement on Wednesday noted that going forward future production of coal would be easier and faster as CIL has excavated large volumes of over burden (OB). As of February, Coal India over burden removal stood at 1486.5 million cubic metres, with a 21% YoY growth.
Despite higher supplies to consuming sectors, Coal India ended February 2023 with 50 million tonne coal stock at its pitheads.