PSU miner Coal India Limited (CIL) recorded positive growth in the second quarter of the current fiscal despite operational constraints due to the Covid-19 pandemic and a heavy monsoon.
CIL’s production increased by 11 million tonnes, with 115 million tonne (MT) of coal produced from July to September, as against 104 MT during the same period last fiscal. Offtake increased by 12 MT during the second quarter, with supplies at 134.4 MT as against 122.4 MT during the corresponding period last fiscal. It registered around 10% year-on-year growth in both production and offtake.
Supplies to coal-fired utilities during the second quarter of the current fiscal were at 103 MT, and registered y-o-y growth of around 3%. Average loading in the second quarter was at 224.6 rakes per day, registering a 23.6% growth compared to 182 rakes loaded in the same quarter last fiscal. Loading for the power sector clocked a 16% y-o-y growth at 189.7 rakes a day.
The growth was mainly driven by September’s production and offtake, which grew 31.6% and 31.7%, with 40.51 MT produced and 46.46 MT supplied, respectively.
Among CIL’s subsidiaries, the top three that drove the growth were Mahanadi Coalfields Limited (MCL) with 68.5% y-o-y growth, followed by Central Coalfields Limited (CCL) with 47.4% and Western Coalfields Limited (WCL) 43.7% y-o-y growth. Even in terms of offtake, MCL registered the highest growth with 63%, followed by WCL at 60.2% and CCL at 31.5%.
September supplies to the non-power sector clocked a 65% y-o-y growth with despatches at 10.04 MT. Coal despatch to the power sector was at 36.42 MT during the month, witnessing a 24.7% y-o-y growth.
In September, CIL loaded an average 241.2 rakes per day as against 162.2 rakes in the same month during the last fiscal. Loading to the non-power sector doubled to 31 rakes per day compared to 15.4 rakes last September, while that for the power sector grew about 43% at 210 rakes per day as against 147 rakes in the comparable period.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.