Biznextindia : Public sector coal miner Coal India Limited (CIL) has reported 13.4% (YoY) jump in Coal production at 53.6 MTs in July 2023. The output increase by 6.3 MTs compared to 47.3 MTs production of July 22. Progressively CIL’s production soared to 229.1 MTs till July’23 in the current financial year achieving 99% target satisfaction.
The production is almost on track with the asking growth rate of the year. Marking a whopping 22.2 MTs increase in volume terms CIL logged 10.7% growth compared to 207 MTs of April-July 2022. CIL’s chase of 780 MTs production in FY 2024 began with an asking growth rate of 10.9% over 703 MTs that the company produced in FY 2023. “All our subsidiaries have registered growth over previous FY with SECL coming back strongly with 10 MT production increase. BCCL, NCL, WCL and SECL have sailed past their respective targets progressively till July 2023” said a senior official of the company. CIL’s total supplies peaked to 58.3 MTs in July 23 posting a strong 7.2% growth over 54.4 MTs of July 22. Increase in absolute terms was 3.9 MTs. Total supplies during April-July’23 to all consuming sectors were up to 244.5 MTs clocking 5.7% growth over a high base of 231.2. MTs of same period last fiscal. Supplies on a year-on-year basis have witnessed 13.3 MTs expansion during the first four months of the financial year in reference. With no letup in the momentum set into motion since the beginning of the current fiscal, CIL continues to pump higher volumes of coal to non-power sector (NPS), which at 11.7 MTs in July’23 grew by a robust 59%. Comparatively they were 7.4 MTs in July’22. In the month alone supplies to this sector went up by 4.3 MTs. Supplies to NPS in April-July 23 grew by a strong 40% to 45.2 MTs compared to 32.2 MTs of same period last year. With supplies to power sector stabilized and no pressure of criticality at plants the company could meet the demand of NPS sector. CIL supplied 201.5 MTs to the coal fired plants of the country till July of the ongoing fiscal year with a comparative growth of 1%. Providing a comfortable buffer to domestic coal based plants coal stocks at their end stood 33 MTs as of July end. This is almost at par with the beginning of the year with not much contraction. Coal inventory at CIL’s end is 53 MTs. All time high removal of over burden gives CIL a leg up for future production, which at 641 Million Cubic Metres, has achieved 111% target satisfaction with 29.3% y-o-y growth.