Coal India FY22 despatch exceeds total supplies logged in FY21

Coal India in an exchange filing on Friday announced that its despatches as of 16 February exceeded total supplies logged in FY21.

Coal India supplied 575 MTs of coal during the period bettering the annual despatch of in financial year 2021. Till 16 February of the current fiscal, coal despatch to power plants of the country was up at 468.4 MT as compared to 381 MT in the corresponding period last year, posting a growth of 23% year on year.

Coal India said 9.4% growth in power generation till December FY22 was the highest in a decade on the back of a strong post covid economic revival. Meanwhile, coal imports were down to a nine-year low due to a sharp increase in international coal prices.

The PSU coal miner further said that it ensured higher availability of coal from its end at a time when the domestic coal-based generation has spiked up by 17% till January FY22. As of 3 February, nearly two months before the current fiscal's closing, Coal India despatched 446.5 MTs of coal to the power sector exceeding the total quantity the that it supplied to utilities during entire FY,21, which was 445Mt.

The company lastly said that its average despatch current to non-power sector is 3.32 lakh tonnes per day so far in the production fiscal which is the normal average. The company's current coal production is at 2.3 MTs/day and is expected to scale up to 2.6 MTs/day and above in the month of March.

Coal India is a coal mining company engaged in the production and sale of coal. As of 31 December 2021, the Government of India held 66.13% stake.

The state-run coal major's consolidated net profit jumped 47.74% to Rs 4,558.39 crore on 19.73% increase in sales to Rs 25,990.97 crore in Q3 FY22 over Q3 FY21.

Shares of Coal India were trading 1.84% higher at Rs 166.05 on BSE.

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