Coal India’s total coal production falls 11.9%, coal offtake down 11.8%, Stock trades lower

The Eastern Coalfields grew by 6.9% YoY to 2.8 metric tons while the Mahanadi Coalfields recorded a growth of 8.1% YoY to 15.8 metric tons.

Coal India’s offtake in the month of August was lower by 11.8% YoY at 52.1 metric tons. The offtake from the Southeastern Coalfields fell 27.2% YoY to 10.3 metric tons while the Northern Coalfields saw a decline of 24.8% YoY to 8.8 metric tons. Meanwhile, offtake from Eastern Coalfields jumped 18.1% YoY to 3.3 metric tons and Mahanadi Coalfields saw an uptick of 5.4% YoY to 16.7 metric tons.

For the year-to-date (YTD), the company’s total coal production climbed 3.2% YoY to 290.4 metric tons. At the same time, the total coal offtake YTD inched higher by 1.4% YoY to 310 metric tons.

For the YTD, North Eastern Coalfields’ total coal production surged 136.4% YoY to 0.08 metric tons. Meanwhile, coal production from the Southeastern coalfields declined by 7.9% YoY to 61.4 metric tons. The offtake from Eastern Coalfields came in higher by 29.4% YoY to 20 metric tons while the Mahanadi Coalfields recorded an offtake growth of 7.1% YoY to 85.2 metric tons.

Recently, Coal India announced that the company has allowed supplies beyond the Annual Contracted Quantity (ACQ) to thermal power plants and independent power plants of the country. The company stated that it has taken this move in order to increase its sales volume of coal. As a result, the company has removed the previous provision which allowed coal supplies up to a maximum of 120% of ACQ.

Shares of the company have risen by nearly 37% since the beginning of the year. The stock has gained over 110% in the past year