New Delhi: State-run Coal India on Thursday reported a 12% rise in its output to 394 million tonne (MT) for FY24 so far, surpassing its annual growth target of 11%.
PM Prasad, chairman and managing director, Coal India, expressed confidence in reaching the production target of 780 MT for the current fiscal. He highlighted the company's progress from its inception in 1975 with 79 MT to achieving 703 MT in FY23.
In October, the mining giant's production rose 15% on year to 61 million tonne.
Between April and October, supplies to the power sector saw a rise of 4.5%, or 15 MT, reaching 346 MT, surpassing the target of 341.3 MT set for October.
The company remains optimistic about exceeding its annual supply goal of 610 MT to the power sector.
This rise in output aligns with heightened demand during the festival season. Coal supplies to thermal plants grew 11% year-on-year to 50.8 MT last month, even as several mines of the company and its subsidiaries experienced heavy rainfall.
For the April to October period, Coal India reported a 9.5% growth in coal off-take, hitting 422.3 MT. Coal stock at pitheads at the end of October stood at 41 MT, a considerable 14 MT increase from the prior year.
Despite a rise in coal production, the government recently asked power companies to blend 6% imported coal until March, amid a fall in inventories at thermal plants.
Central Electricity Authority data reveals a shrinking gap between daily coal consumption and supply at thermal plants, with a surplus recorded on 29 October, when daily receipt of coal at thermal power plants stood at 2.287 million tonne, while consumption was at 2.286 lakh tonne
On 1 October, coal receipt was at 1.94 million tonne, compared to consumption of 2.16 million tonne.
Shares of Coal India closed at ₹308.90 apiece on the BSE on Thursday, up 0.72% from previous close.
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Updated: 02 Nov 2023, 06:38 PM IST
Coal India's Apr-Oct output up 12% at 394 MT, supply to power sector rises 4.5% | Mint - Mint
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