Coal India’s coal production increases by 20% in April-September

0
39
Coal India's coal production increases by 20% in April-September
google news

By PTI 01 October 2022, 20:14 IST (Released)

mini

Reaching nearly 43% of the fiscal year’s 700 MT production target in six months, CIL aims to produce the remainder in the second half, the coal giant said in a statement. Usually, the production of CIL in the second semester remains much higher than that of the first semester.

State-owned CIL on Saturday reported a 19.7 percent growth in coal production to 299 million tonnes (MT) in the April-September period of the current fiscal year. The company represents more than 80% of national coal production.

The production of Coal India Ltd (CIL) in the corresponding period last year was 249.8 MT, the public sector company said in an exchange filing. The figures provided by the company are provisional.

Reaching nearly 43% of the fiscal year’s 700 MT production target in six months, CIL aims to produce the remainder in the second half, the coal giant said in a statement. Usually, the production of CIL in the second semester remains much higher than that of the first semester.

Coal output from the public sector unit last month also increased to 45.7 MT from 40.7 MT last September. The company’s coal drawdowns in the April-September period increased to 332 MT from 307.9 MT in the corresponding period last year, according to the filing.

Power plant supply, on the back of higher generation and higher load, jumped to 285.5 MT in the first half of FY23. “The year-on-year jump is 41 MT, registering a growth of 16.8%. CIL supplies amounted to 244.5 MT in the first half of FY22,” the statement said.

Dispelling apprehensions of coal shortages during the festive season, he said there were sufficient stocks of coal at CIL’s coal mines and power plants. At the end of September (through the 29th), coal stocks at national coal-fired power plants stood at 24 MT, with most of the stock being augmented by supplies from CIL.

“The stock was up 2.4x from 10 MT on September 21, when a sudden spike in (electricity) production drove up demand for coal. In late September, CIL beachheads a stock close to 28 MT,” the statement read.

He further stated that sufficient coal stocks are now at hand. Production also increases from October. There is no reason to fear a shortage.

cnbctv18-forexlive

google news
Previous articleChicago White Sox 2022 review: What went right, what went wrong and what’s next after a season filled with disappointment
Next articleDavid A. Hopkins: Trump’s surprising legacy: More female candidates — in both parties