Coal India Ltd (CIL), which has seen its production increase by nearly 44.6 million tonnes (mt) till September 4 of the current fiscal, is hopeful of reaching close to the apportioned target of 306 mt by the end of the first half of this fiscal. The country’s largest miner saw its production increase by nearly 44.6 mt in just 5 months and 4 days of the ongoing fiscal, as of September 4, eclipsing the previous best of 44.5 mt registered for the full fiscal in 2015-16, the company said in a press statement.
CIL’s progressive production increased by nearly 21 per cent at 259.6 mt as on September 4 this year as compared to 215 mt same period last year.
“What makes the achievement standout is that CIL accomplished the absolute growth of 44.6 mt in production in only a span of 5 months and 4 days of the current fiscal whereas the earlier high of 44.5 mt was for the full fiscal of 2015-16,”a senior company executive said in the statement.
Hopeful outlook
At the current pace of production, if CIL’s mining areas are not excessively affected by heavy seasonal deluge in September, the company is hopeful of reaching the H1 target of 306 mt.
Pursuing a targeted production of 700 mt in FY23, CIL began the chase with an asking growth rate of 12.4 per cent which, on the back of a strong output performance, slid down to 8 per cent as of now. All subsidiary companies of CIL have posted growth over last year, it said.
CIL usually produces higher volume of coal during the second half of the financial year than in the first half. Of the 700 mt target of FY23, the production split is around 44 per cent for first half (H1) and 56 per cent for the second half (H2).