The state-owned CIL announced Wednesday that it produced 108.2 million tons of coal in the first two months of the current fiscal year, up 28.8 percent from a year earlier.
The company produced 84 million tonnes (MT) of coal in the last fiscal year from April to May, Coal India Ltd (CIL) said in a report to BSE.
The company’s production rose to 54.7 MT in May from 42.1 MT in the corresponding month of the previous fiscal year, the filing said.
“By accelerating its production, CIL saw strong production growth of 30 percent in May 22. The increase in volume was 12.6 tons,” the PSU said in another filing.
With a production target of 700 tons for 2022-23, which implied a 12.4 percent growth rate at the start of the fiscal year, CIL lowered the required growth rate for the year to 9.9 percent by the end of last month.
“Admittedly, it’s difficult to maintain the level of growth observed so far throughout the year, but we will be monitoring progress month-by-month to ramp up production,” a senior company official said.
CIL delivered 52.4 MT to the power sector last month, up from 44.5 MT in May last fiscal year.
“In May 22, CIL shipments to the energy sector averaged 1.69 MT per day, outperforming demand of 1.65 MT. This contributed to stocks at power plants connected to CIL increasing by 16,000 tons per day during the month,” the statement said.
At the same time, CIL shipments to thermal power plants increased to 102.2 MT through May, representing a 16.7 percent growth from April-May 2020-21.
The total decrease in CIL for May was 61.2 MT compared to 55 MT in the same period last year, while the total decrease from April to May was 118.7 MT compared to 109.2 MT in the same period last year.
CIL was able to liquidate the coal stock at its end from a level of 60.6 MT at the beginning of the year to 50.2 MT as of May 31, 2022.
Coal India accounts for over 80 percent of domestic production.
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