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Coal India achieves robust fourth quarter numbers

Coal India achieves robust fourth quarter numbers

New Delhi: The profit after tax of Coal India Limited for the 4th quarter of FY 2017-18 was Rs 1295.34 crore as against Rs 2718.80 crore in the corresponding quarter of FY 2016-17. The Company achieved growth in coal production and off-take, earned higher revenue from sale of coal and also reduced costs in various heads in the 4th quarter of FY 2017-18. Expansion & modernization of existing mines, wherever feasible, is being undertaken for enhancement of coal production viz higher capacity mines with heavy mechanization to take advantage of economy of scale, expansion of existing mines wherever feasible, enhanced EC under special dispensation wherever possible, high capacity shovels and surface miners wherever geo-mining conditions are favorable.

CIL production has increased by 105 mt during the last four years as compared to an increase of 31 mt (approx) during the period of 2010-11 to 2013-14. Similarly, offtake of coal from CIL has increased by about 109.12 mt during the last four years as compared to an increase of about 55.04 MT during the period of 2010-11 to 2013-14. The opening of coal mines is a continuous activity which is undertaken regularly to meet the increasing demand of coal in the economy.

The coal ministry said today that it has issued directions to Nominated Authority to allocate 27 more mines to sectors including steel and cement. Under Coal Mines Special Provision Act, 2015, 84 coal mines have already been allocated, Coal Minister Piyush Goyal said.

"Further, directions have been issued to the Nominated Authority for allocation of 27 more coal mines," he said in reply to a question in Rajya Sabha. Giving the breakup of 27 coal blocks, he said that "6 coal mines for the end use Production of Iron and Steel, 13 coal mines (are) for the end-use 'iron & steel, cement and captive power plants...2 coal mines for state government company or corporation for sale of coal, 6 coal mines for the purpose of own consumption for power".

The minister further said that state-owned Coal India Ltd and its subsidiaries have planned 15 greenfield projects having peak rated capacity of 104.8 million tonnes per year. "There is a gap between demand and domestic supply of coal which cannot be bridged completely as there is insufficient availability of coking coal and power plant designed on imported coal will continue to import coal for their production, he said.

However, for the fiscal 2018-19, Power Ministry has projected annual domestic coal requirement 615 mt.

This requirement is being met by supply of coal from domestic sources. Due to these efforts of enhanced domestic coal supply to power plants, the coal import by power plants has reduced from 80.58 MT in 2015-16 to 56.41 mt in 2017-18, he added.

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