Coal India's production sets record increase of 36 MTs in Q1 FY'23

Continuing to accelerate its production pace during the ongoing fiscal year, Coal India Limited (CIL) ended April-June quarter FY'23 capping a historic high of 29% output growth, compared to same quarter FY'22.

CIL produced 159.8 million tonnes (MTs) of coal as of Q1 end, which is 35.8 MTs more than the 124 MT output of April-June'22. All the coal companies of CIL have registered growth.

"The likeness of such whopping growth was never witnessed in any Q1 since CIL's inception. Our first quarter production surge of nearly 36 MTs surpassed the entire annual increase of 26.4 MTs of FY'22" said a senior official of the company.

Only twice before, CIL's total yearly production was higher than what it achieved during the current year's first quarter alone.

In its bid to achieve the fiscal's 700 MT output target CIL began FY'23 with an asking rate of 12.4%. The steep production gain of Q1 helped the company bring down the asking growth rate to 8.3%. Increased production enables better stock build up.

Coal output for June'22 at 51.6 MTs also registered an unmatched 29% growth with volume increase of 11.5 MTs. CIL produced 40 MTs in June'21.

With the coal demand from power plants reaching a higher pitch, CIL's supplies to power sector peaked to a new high of 153.2 MTs during the quarter registering a strong growth of 19.8%. The expansion in absolute terms was a robust 25.3 MTs over 127.9 MTs of last fiscal's Q1.

CIL on an average supplied 1.684 MTs of coal per day to power sector during the quarter ended June'22 against requirement of 1.650 MTs per day, resulting in 102% materialization.

In June'22 supplies to coal fired plants have gone up to 1.713 MTs per day against projected requirement of 1.6 MTs resulting in 107% materialization.

CIL's offtake to power sector, during June'22, clocked a sharp 27% growth at 51.4 MTs. This is 11 MT jump compared to 40.4 MTs in June'21. Higher supplies during the month resulted in coal stock accretion to the tune of 77,000 tons per day at power plants end.

Total coal off-take of 177.6 MTs during the quarter ended June'22 posted nearly 11% growth. Increase in absolute terms was 17.3 MTs compared to offtake of was 160.3 MTs in April-June'21.

CIL's total off-take for June'22 clocked 15.4% growth at 59 MTs. The increase was 7.8 MTs compared to 51.2 MTs in June'21.

Shares of Coal India Limited was last trading in BSE at Rs. 183.25 as compared to the previous close of Rs. 185.50. The total number of shares traded during the day was 554014 in over 8281 trades.

The stock hit an intraday high of Rs. 186.50 and intraday low of 176.80. The net turnover during the day was Rs. 100487487.00.

Source : Equity Bulls

Keywords

CoalIndia INE522F01014 Q1FY23 Production