CIL’s production and supplies at historic high

Coal India’s (CIL) production, off-take and supplies to power sector have hit a historic high in FY’ 23, says Pramod Agrawal, Chairman of the Coal India Limited (CIL). With no slackening in the double-digit output growth since the fiscal’s start, CIL’s production raced to 479 million tonnes (MTs) ending December FY’23 achieving 101.4% of the progressive target and a year-on-year growth of 16%. The increase in quantum terms was a humongous 65.4 MTs. The company’s total coal supplies during the referred period rose to 508 MTs with a volume expansion of 26 MTs. CIL supplied 2.6 MTs more coal over the progressive target, posting 100.5% achievement. Amid spiralling demand, coal supplies to the power sector at 432.7 MTs were up by a strong 42.5 MTs clocking 11% y-o-y growth till  December FY '23.  CIL’s consolidated profit after tax of Rs.14,878 Crores for April-September’22, was the record high for the first half of any fiscal year so far, placing the company in the 8th rank among the top 20 most profit generating listed companies of the country.  Concurrent with production, CIL also hiked up its capital expenditure to Rs. 7,027 Crs in H1 FY’23 posting 33% compared to first half of FY’22. CIL’s capex witnessed a 2.5 fold in a two year span from Rs.6,270 Crs in FY '20 to Rs.15,401 Crs in FY’22. For the current fiscal it is likely to touch Rs. 16,500 Crs. The increased capex spend is on land acquisition, introduction of modernized fleet and laying new rail lines which are essential for future output and off-take growth. As of 10 January 2023 CIL’s production surpassed 500 MT which is the quickest time ever since the company’s inception.