Business Financials

Coal India production grows 5.5% in January

Coal India production grows 5.5% in January

Kolkata, Feb 2 (IANS) Coal India Ltd (CIL) on Thursday reported that its production grew by 5.5 per cent to 55.99 million tonnes (mt) in January as compared to 52.86 mt in the corresponding month last fiscal, but the production during April 2016 to January 2017 remained flat.

According to provisional data, the production stood at 433.76 mt, up by a meagre 1.7 per cent during the first ten months of the current fiscal (2016-17). It achieved 91 per cent of the target which was set at 478.57 mt for the period.

CIL, which produces 84 per cent of the country’s coal production, was targeting 61.04 mt during the last month of the current fiscal, achieving 92 per cent of the target.

It also reported that its off-take during this period was up by a marginal 1.3 per cent at 443.13 mt as against a target of 489.71 mt. Its off-take for January stood at 51.35 mt achieving 92 per cent of the target.

In 2015-16, the state miner produced 538.75 mt of coal against a target of 550 mt and its off-take was at 534.5 mt.

During the current fiscal, the coal production target has been pegged at 598.61 mt is expected to be 660.7 mt in 2017-18.

The company envisaged production of 908.10 mt in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98 per cent with respect to 2014-15.

In its latest annual report, the coal-mining behemoth said it would invest Rs 7,765 crore as capital expenditure and Rs 5,069 crore in various other projects in 2016-17.