Business
Coal India's Production Rises 16 Per Cent To 479 Million Tonne In April-December 2022
Coal India Limited.
Coal India Limited's (CIL) production has increased to 479 million tonnes (MTs) in April-December 2022, the first nine months of the financial year 2022-23.
This represents a 16 per cent growth compared to the same period the previous year, and puts Coal India 101.4 per cent of the way towards meeting its target for the fiscal year.
In a statement on Monday (2 January), Coal India said that the year-on-year increase in coal production in quantum terms was 65.4 MTs in the nine month period of FY23.
With this, the asking growth rate for the fourth quarter of current fiscal has slid down to 5.7 per cent which at the beginning of the fiscal year was 12 per cent, the company said.
Further, the company said that all of its subsidiaries have also posted double digit growth.
“To outdo the annual output target of 700 MTs, CIL has to produce 221 MTs in Q4 FY’23 against 209 MTs for comparable quarter last fiscal. Our production pace is already up and expected to rise higher. Another point in our favour is large quantities of over burden removal. We feel positive about scaling over the output target” a senior executive of the company said in the statement.
The company said that production of 66.4 MTs for December 2022 was the highest in this fiscal so far.
It was 6.2 MTs ahead compared to same month last year with a growth of 10.3, the company added.
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