Coal India June offtake rises 15% YoY to 59 MT

The state-run coal major's total offtake stood at 59 million tonnes (MT) in June 2022, registering a growth of 15.4% as compared with 51.2 MT recorded in the same month previous year.

The company's coal output surged 29% to 51.6 MT in June 2022 from 40 MT in June 2021.

Coal India (CIL) said it is continuing to accelerate its production pace during the ongoing fiscal year, CIL ended April-June quarter FY23 with a historic high of 29% output growth, compared to same period last year.

CIL produced 159.8 MT of coal as of Q1 end, which is 35.8 MT more than the 124 MT output of April-June'22. All the coal companies of CIL have registered growth, the company stated.

"The likeness of such whopping growth was never witnessed in any Q1 since CIL's inception. Our first quarter production surge of nearly 36 MTs surpassed the entire annual increase of 26.4 MTs of FY'22," said a senior official of the company.

In its bid to achieve the fiscal's 700 MT output target CIL began FY23 with an asking rate of 12.4%. The steep production gain of Q1 helped the company bring down the asking growth rate to 8.3%. Increased production enables better stock build up.

CIL is a coal mining company engaged in the production and sale of coal. As of 31 March 2022, the Government of India held 66.13% stake while Life Insurance Corporation (LIC) of India held 11% stake in the company.

On a consolidated basis, the PSU coal major's net profit jumped 45.9% to Rs 6,692.94 crore on 22.6% increase in net sales to Rs 30,046.25 crore in Q4 FY22 over Q4 FY21.

Shares of CIL were down 1.43% at Rs 182.85 on the BSE.

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