Stock Report

Coal India Ltd's output up 11.3% in H1 FY 2024; supplies to power plants surge by10 MTs

Posted On : 2023-10-02 19:27:19( TIMEZONE : IST )

Coal India Ltd's output up 11.3% in H1 FY 2024; supplies to power plants surge by10 MTs

Coal India Limited (CIL) produced about 333 million tonnes (MTs) of coal ending first half of the current financial year posting a strong 11.3% year-on-year growth. This was nearly 34 MTs higher compared to same period FY 2023. All CIL's producing subsidiaries clocked growth.

Output for the month of September 2023 was 51.4 MTs, a 5.8 MTs jump or a growth of 12.6%. CIL produced 45.7 MTs during the same month last year.

Even as the power demand hit an unprecedented high in the past two months with mercury rising, CIL's supplies to power sector rose to 294.8 million tonnes (MTs) ending first half of FY 2024. The supplies were 1.8 MTs more than the 293 MT demand projected for this period. Compared to a high base of last fiscal's same period, the volume increase was 9.7 MTs or a 3.4% growth. This could have been even higher if the logistics were eased out and intake not regulated by few consumers.

"We were given a supply target of 610 MTs to power sector for entire FY 2024. This is about 4% higher than the record level of 586.6 MTs that was supplied in FY'2023. We met the prorated demand of coal fired plants till September end and expect to meet the annual demand as well" said a senior official of CIL.

CIL's total supplies shot up to 360.7 MTs during H1 of FY 2024 ahead by 28.6 MTs with 8.6% growth compared to 332 MTs of year ago same period. Logging a double digit growth of 12.6% in the month of September 2023 coal supply at 55 MTs increased by 6.1 MTs compared to year ago same month.

After meeting the requirement of the power sector, CIL's supplies to non-power sector during the first six months of FY 2024 peaked to 65.7 MTs clocking 40% growth. The increase in absolute terms was nearly 19 MTs compared to 46.8 MTs during the first half of FY 2023. As of September end FY 2024 the coal stock at CIL's pitheads was 41.6 MTs.

Shares of Coal India Limited was last trading in BSE at Rs. 295.15 as compared to the previous close of Rs. 290.65. The total number of shares traded during the day was 533867 in over 8539 trades.

The stock hit an intraday high of Rs. 297.45 and intraday low of 291.45. The net turnover during the day was Rs. 157433080.00.

Source : Equity Bulls


CoalIndia INE522F01014 Q2FY24 H1FY2024 Output