Sage Investment Club

Coal India Ltd (CIL) registered over 14 per cent increase in production at 619.7 million tonnes (mt) till February in the current financial year, as against 542.4 mt in the same period last year. The company is hopeful of breaching the 700-mt production target for the current fiscal. Its subsidiaries have logged growth over the previous year. Dhanbad-based Bharat Coking Coal Ltd has already wrapped up its annual production target of 32 mt as on February 27, according to a press statement from the company.CIL has maintained a high double-digit production growth since the beginning of the fiscal. This helped flatten the annual asking growth rate to 0.07 per cent at February-end, a month ahead of the year’s closure. CIL began its 700-mt target chase with an asking growth rate of over 12 per cent. “The company is aiming to augment the growth further in March ’23 and any increase would have supplementary influence over the target,” a senior official of the company said in the statement. CIL’s output in February 2023 stood at 68.8 mt, its highest for the month so far. It is 7 per cent higher than its output in February last year. CIL’s total supplies at 630.5 mt increased by 30.6 mt year-on-year during the April 2022 to February 2023 period. The company posted over 5 per cent growth compared to 599.8 mt recorded in the corresponding period last year. Three of CIL’s subsidiaries — BCCL, NCL and MCL — have crossed their respective annual offtake targets. Amid rising demand, CIL supplied 46 mt more coal — 534 mt — to the power sector in the 11 months of the current financial year,compared to the same period last year. The company is hopeful of crossing the annual target of 565 mt supply to the power sector by at least 20 mt, it said.Future production of coal would be easier and faster as CIL has excavated large volumes of over burden (OB). At 1,486.5 million cubic metres, the over burden removal increased by 21 per cent to reach 101 per cent of the target. Despite higher supplies to consuming sectors, CIL ended February ’23 with 50 mt coal stock at its pitheads. SHARE
Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on March 1, 2023

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *