As Coal India Limited (CIL) stepped into its 49th year of formation, on 1st November, the company posted a strong 12% year-on-year production growth ending October FY 2024. CIL produced 394 million tonnes (MTs) of coal in April-October 2023 period with 42 MT increase compared to 352 MTs year ago same period. The output growth was higher than the annual asking growth rate of 11%.
"CIL has come a long way from a production of 79 MTs in its year of inception, in 1975, to 703 MTs ending FY 2023. And, we are on course in pursuit of the challenging output target of 780 MTs in the current financial year." said CIL Chief, P M Prasad in the company's Foundation Day event on 1st November.
Production shot up by 8 MTs in October alone to 61 MTs logging 15% growth. On a comparative basis the same in October 2022 was 53 MTs.
In the seven month span of the current financial year CIL's supplies to power sector have risen to 346 MTs, a 15 MT increase compared to 331 MTs same period year ago, registering 4.5% growth. The quantum supplies to power sector were 4.7 MTs more than the progressive commitment of 341.3 MTs till October.
CIL feels confident of breaching the annual supply target of 610 MTs to power sector. In the festive month of October even as the demand for power spikes up CIL's supplies to thermal plants grew by 11% to 50.8 MTs compared to 45.8 MTs of October 2022. Increase in volume terms during the month was 5 MTs despite the rains lashing across the mines in CIL's subsidiaries based in eastern part of the country ECL, BCCL, CCL and partly NCL during the first week of October.
CIL's total coal off-take clocking 9.5% growth raced to 422.3 MTs for the progressive period ending October FY 2024. The supplies were 36.6 MTs higher than the year ago similar period when the off-take was 385.7 MTs.
For the month of October 2023 total coal despatch was 61.6 MTs with nearly 8 MT increase. Overall supplies registered 14.7% growth during the month compared to 53.7 MTs in October 2022.
Among the eight core sectors of the country coal production grew 16.1% year-on-year in September 2023, the highest of all the sectors. CIL's contribution was significant in this growth.
Coal stock at CIL's pitheads stood at 41 MTs ending October, almost 14 MTs more than the same period last year providing comfortable buffer to meet any increase in future demand.
Shares of Coal India Limited was last trading in BSE at Rs. 308.90 as compared to the previous close of Rs. 306.70. The total number of shares traded during the day was 321808 in over 4851 trades.
The stock hit an intraday high of Rs. 312.65 and intraday low of 307.30. The net turnover during the day was Rs. 99786208.00.