Coal India offtake rises 8.5% to 753 MTs in FY 2024, production grows 10% YoY

Coal India Ltd reported a 10% increase in the production of coal for the full financial year 2023-24 (FY24) while its total offtake increased 8.5% year-on-year.

In a filing to the stock exchanges on Monday, April 1, the state-owned company reported that its total coal production stood at 773.6 million tonnes (MTs) in FY24, marking a 10% YoY growth against 703.2 MTs in the previous financial year.

It is for the first time since the inception of the company that the production witnessed a double digit growth for two successive years. In terms of volume, the company’s output expanded by 70.4 MTs in the financial year, which is the second highest figure of all time.

Coal India’s total offtake logged a growth of 8.5% YoY in the financial year ending on March 31, 2024, at 753.5 MTs compared to 694.7 MTs last year.

Five out of eight coal producing arms of Coal India, have ‘stepped over their respective annual targets for the second consecutive year’ in FY24, the Coal Ministry public sector undertaking (PSU) informed the stock exchanges.

The company’s subsidiary based in Odisha, Mahanadi Coalfields Ltd (MCL) has become the first coal producing company in India that has managed to exceed the 200 MT target with a production at 206.1 MTs.

The state-owned coal miner CIL has raised its production by 151 MTs in the past two financial years, which is still 23 MTs higher than the combined rise of 128.4 MTs witnessed by the company in six years from FY 2016 to FY 2022.

The company’s coal supply to the non-power sector (NPS) has also witnessed a rise in FY24 on a YoY basis by a healthy 25% to 135 MTs compared to a supply of 108.1 MTs to NPS in the preceding fiscal year.

“CIL ended FY 2024 with a coal inventory of around 90 MTs which is 20.7 MTs more than the same period last financial year – a near 30% increase. Stock at CIL’s pitheads was 69.3 MTs corresponding period last fiscal,” the company stated in a press release on April 1, 2024.

Shares of Coal India closed 1.82% higher at ₹442 per piece on the NSE.