Coal India rises after coal offtake climbs 11% YoY in May

Coal India gained 1.58% to Rs 196.10 after the state-run coal major's offtake stood at 61.2 million tonnes (MT) in May 2022, growing 11.3% compared with 55 MT recorded in the same month last year.

The company's coal production jumped 30% to 54.7 million tonnes (MT) in May 2022 from 42.1 MT in May 2021.

On a sequential basis, the coal production rose 2.24% while offtake increased 6.43% in May 2022 as compared to April 2022.

CIL's production increased sharply to 108.2 MTs, till May'22 of the ongoing fiscal year, against 84 MTs for comparable period in FY'21.

"Admittedly, sustaining the level of growth witnessed so far throughout the year is difficult but we will be monitoring the progress month by month to augment the output," said a senior official of 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.

Coal India 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.

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