05 Nov 2018
Coal India supplied 22.20 mt more coal to the power sector during April to October this fiscal than what it did a year ago during the same period. Coal offtake to India’s thermal power plants from CIL sources was up at 272.88 mt till October this fiscal against 250.68 mt, y-o-y, registering an 8.9% growth.
While Union coal and railway minister Piyush Goyal has given a target of producing 2.5 million tonne of coal per day to Coal India (CIL), the coal PSU said it has stretched its production ability to the greatest extend for which it is continuing to increase supplies to the power sector and has sustained a double-digit growth during the seven months of operation this fiscal.
Coal India supplied 22.20 mt more coal to the power sector during April to October this fiscal than what it did a year ago during the same period. Coal offtake to thermal power plants of the country from CIL sources was up at 272.88 mt till October this fiscal against 250.68 mt on a year-on-year comparison, registering an 8.9% growth.
With coal production at 306.24 mt during the first seven months of the current fiscal, CIL posted double-digit output growth of 10.1% compared with the same period last year, the volume increase being a robust 28.21 mt. During April-October 2017 the company’s coal production was 278.03 mt. The maharatna coal miner has been maintaining a consistent double-digit production growth since the beginning of the fiscal, a company statement said.
But Goyal apprehended that the double-digit growth could come down at any moment and CIL’s production could slip to single-digit growth. “At present we are growing at 10% but this rate of growth is not good enough. Very soon we may slip to a single-digit growth unless all of us collectively decide that we will not let that happen,” he told the CIL staff and officials at the 44th foundation day. He said CIL should make all efforts to ramp up production and despatches. “I would urge all my colleagues of Coal India and its subsidiaries to seriously look at what step each one of us can take individually and collectively, so that we are able to produce 2.5 mt per day,” Goyal said.
However, following Goyal’s statement on Thursday evening, CIL on Friday reported an overall offtake of 340.81 mt as of October 31, 2018, a 31.74% growth against 317.28 mt during the comparable period last year. The increase in coal off-take in volume terms was 23.54 mt.
“Our production and offtake is now over 17.5 Lakh tonnes per day and we aim to take it up further in November to swell up the coal stocks at power plants,” a CIL official said.
Rake loading to the power sector grew by a healthy 8.2% during April-October this fiscal. CIL as a whole loaded 202.8 rakes a day on an average to power stations ending October 2018, against 187.5 rakes a day during the corresponding period last fiscal. The company as a whole liquidated 34.57 mt of its pit-head stock during the first seven months, as the stockpile stood at around 21 mt at the end of October 2018.
Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
Source: Financial Express