Coal India's production declines, sales grow in April
Coal India on Tuesday said its production during April declined by 4.8 per cent to 38.44 million tonnes (mt) as compared to 40.09 mt produced in the year-ago month.
The miner reported its off-take grew by 6.1 per cent in April to 45.29 mt as against 42.45 mt sold in corresponding month in 2016.
Miner's two subsidiaries -- South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields (MCL) contributed majority of its monthly production by generating 10.10 mt and 10.28 mt of coal respectively.
The off-take from SECL during April was at 12.44 mt while MCL achieved 11.07 mt of sales.
According to the provisional data, the miner, which has been dealing with weak demand, missed the production target of 43.58 mt for April.
The company also achieved 91 per cent of its off-take target of 49.51 mt for April.
Against a target of 598.61 million tonnes, its off-take for the last fiscal was at 543.16 million tonnes -- up 1.6 per cent over the off-take for 2015-16.
The miner had achieved 93 per cent of its annual production target for the last fiscal achieving a 2.9 per cent growth over its production in 2015-16.
Coal India, which produces 84 per cent of the country's coal production, had exceeded the target for March 2017 by producing 66.07 million tonnes.
For March only, its off-take was at 52.30 million tonnes, achieving 90 per cent of the monthly target of 58.30 million tonnes.
During 2015-16, the miner had produced 538.75 million tonnes and its off-take was at 534.50 million tonnes.
The miner envisaged production of 908.10 million tonnes in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98 per cent, with respect to 2014-15.