The state-owned Coal India has reported a significant increase in production, with output rising by 10% to 773.6 million tonnes (MT) during the fiscal year 2023-24. However, this figure fell short of the initial production target of 780 MT for the same period, as disclosed in an exchange filing.
The latest figures indicate a notable upturn from the preceding fiscal year, where Coal India recorded a production of 703.2 MT in 2022-23. Despite missing the target marginally, Coal India remains poised for growth, with projections indicating a production and off-take target of 838 MT for the fiscal year 2025. March 2023 witnessed a milestone for the company, with Coal India reporting its highest-ever monthly production at 88.6 MT coal, marking a significant 6.1% increase compared to the same month in the previous year. Moreover, the offtake of coal also experienced a notable surge, rising by 8.5% to 753.5 MT during the fiscal year ended March 31, 2024, compared to 694.7 MT in 2022-23. This surge continued into March, with offtake reaching 68.8 MT, reflecting a 7.2% increase from the previous year’s 64.2 MT.
The power sector witnessed a substantial increase in coal supplies, with Coal India providing 618.5 MT, up 5.4% from 586.6 MT in FY23. Additionally, the company surpassed its commitment to power plants by supplying an additional 8.5 MT of coal. Non-power sectors (NPS) also saw a significant rise in coal supplies, increasing by 25% to 135 MT from 108.1 MT in FY23. As the fiscal year concluded, Coal India reported a coal inventory of approximately 90 MT, representing a 30% increase from the previous financial year. Coal India’s accomplishments underscore its pivotal role as the country’s largest producer and supplier of dry fuel, contributing significantly to India’s energy landscape and economic growth.
