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New UserCoal India registers a near zero sales growth in first five months
02 Sep 2016
Coal India registered a near zero sales growth during the first five months of the
current fiscal. Production grew 1.3 per cent during the same period.
Lack of demand growth from consuming industries, mainly power, led to the near zero growth
on the back of around 28 million tonnes of stock lying at power plants. As a result, Coal India is
now saddled with some 45 million tonnes of coal at pit heads.
Choco block stocking yards were an impediment to production growth. The company cannot grow production unless its existing stocks are
cleared.
In fact, three out of eight Coal India subsidiaries witnessed falling production in comparison to the previous corresponding period while four
subsidiaries saw negative production growth in comparison to the previous corresponding period.
One of the largest coal producing subsidiary, Western Coalfields, saw 20 per cent fall in sales in comparison to the previous corresponding
period. It forced the company to reduce production by 25 per cent due to lack of stock yard space.
Bharat Coking Coal Ltd, Central Coalfields Ltd and South Eastern Coalfields Ltd, saw sales fall by nearly 6 per cent, 9 per cent and 2 per
cent respectively.
Eastern Coalfields, the company that sells premium grade coal, witnessed 11 per cent growth.
Source:ET