In October, the production of Coal India Limited (CIL) rose by 15% and output increases by 42 Million Tonnes (MT) in April-October FY24 to reach 394 MT
Coal India Limited (CIL) released provisional production and off-take performance of the company and its subsidiary companies for October 2023 and for the period April 2023-October 2023. It posted a strong 12% year-on-year (y-o-y) production growth ending October FY24. There was a production of 394 Million Tonnes (MT) of coal in the April-October 2023 period showing a 42 MT increase compared to 352 MTs during the same period a year ago.
According to Mr. P. M. Prasad, Chief of Coal India Limited (CIL), the company has come a long way from the production of 79 MT in its year of inception in 1975 to 703 MT at the end of FY23. The idea is to challenge the output target of 780 MTs in the current financial year.
Production of coal touched 15% growth with an increase of 8 MT in October and reaching 61 MT. While the same in October 2022 was 53 MT. Meanwhile, during the seven months of the current financial year, the supplies of CIL to the power sector rose to 346 MT showing a 15 MT increase compared to 331 MT in the same period last year, contributing to a growth of 4.5%. The quantum supplies to the power sector were 4.7 MT more than the progressive commitment of 341.3 MT till October.
CIL further stated that the company intends to surpass the annual supply target of 610 MT to the power sector. During the festivities of October, even as the power demand rose. CIL’s supplies to thermal plants grew by 11% to 50.8 MT compared to 45.8 MT in October 2022.
There was a 5 MT increase in terms of volume during the month despite the rain lashing across the mines in CIL’s subsidiaries based in the eastern part of the country Eastern Coalfields Limited (ECL), Bharat Coking Coal Limited (BCCL), Central Coalfields Limited (CCL), and partly Northern Coalfields Limited (NCL) during the first week of October.
The total coal dispatch for October 2023 was 61.6 MT, an increase of roughly 8 MT. Overall supplies registered 14.7% growth during the month compared to 53.7 MT in October 2022.
Coal India Limited stated that among the eight core sectors of the country, coal production grew 16.1% year-on-year in September 2023 which is the highest of all the sectors. CIL contributed significantly to this growth and coal stock at CIL’s pitheads stood at 41 MT ending October.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.