Coal India surpasses annual production targets in 2023
Coal India Ltd. (CIL), a state-owned company, has achieved a remarkable production record of 460 million tonnes (MT) of coal until November this fiscal year. This represents an impressive year-on-year growth of 11.5%, surpassing the annual target rate of 10.2%. This increase in production amounts to 47.4 MT compared to the same period of the previous year when the production was 412.5 MT.
CIL's seven coal-producing subsidiaries have all experienced growth, with BCCL and NCL notably reaching their progressive targets. In November 2023, the total coal output reached 66 million tonnes, which is an 8.7 percent increase compared to the 60.7 million tonnes recorded in November 2022, reflecting a substantial rise of 5.3 million tonnes. The production from CIL's 35 leading mines, each boasting a capacity of 5 million tonnes per year or more, contributed approximately 75% of the total output during April-November 2023, reaching 344 million tonnes. This aligns with the anticipated contribution from these high-yielding mines, which CIL closely monitors according to the report.
CIL's overall supplies experienced a substantial increase, rising by 39 MTs in quantitative terms to reach 485.4 MTs during the eight months concluding in November FY 2024, reflecting 8.7 percent growth. In the corresponding period of FY 2023, supplies amounted to 446.4 MTs. Furthermore, the report adds that for November 2023, coal off-take reached 63 MTs, surpassing the 60.7 MTs recorded in November 2022 by 2.3 MTs.
The supplies to the power sector from CIL reached 398.7 MTs, marking an increase of 18 MTs by the end of November in FY 2024, showcasing a growth of 4.7 Percent, even in the face of a significant upswing in power demand. During April - November last fiscal supplies to this sector were 380.8 MTs. As per the report, CIL expresses confidence in surpassing the demand projection of 610 MTs set by the Ministry of Power for the current fiscal year.
CIL is facing a challenging task to achieve growth over the elevated base of the penultimate four months of the previous financial year during the remaining four months of FY 2024. To meet this objective, intensive efforts are currently underway. According to the report, the year-to-date coal stock at CIL's pitheads has increased substantially by approximately 58% compared to the same period last year, standing at 45 MTs.
