Coal India January offtake rises 14% YoY

The state-run coal major's offtake stood at 60.8 million tonnes (MT) in January 2022, growing 13.6% as compared with 53.6 MT recorded in the same month last year.

The company's coal production rose 6.7% to 64.5 million tonnes (MT) in January 2022 from 60.4 MT in January 2021.

On a sequential basis, the production jumped 7.14% while offtake rose 0.16% in January 2022 as compared to December 2021.

Coal India (CIL) supplies to coal fired power plants of the country, enabling the company to reach 441.4 mlllion tonnes (MTs) during April-January of FY22. This is a volume increase of 83 MT, representing 23% growth as compared to 358.20 MT despatch of corresponding period last year.

As per the company's press release, CIL's current coal despatch trend to power sector indicated that, by the closure of FY22,the company shall surpass the previous high of 491 MT supplied to thermal power plants in FY19. CIL also aims to overtake the ongoing fiscal's off-take target of 548 MTs to power sector.

During the referred period, the company supplied around 80 MT more coal to all its customers as the tatal off-take evinced a steep increase to 542.4 MT, registering 17% year-on-year (Y-o-Y) growth. Total off-take during same period last year was at 463 MT.

CIL produced 478 MT of coal till January 2022 of the current financial year, which is a 25 MT jump as against 453 MT during same period last year, posting 5.5% Y-o-Y growth.

On a consolidated basis, the PSU coal major's net profit fell 0.6% to Rs 2,932.73 crore on 9.3% increase in net sales to Rs 21,292.50 crore in Q2 FY22 over Q2 FY21.

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 while Life Insurance Corporation (LIC) of India held 11.01% stake in the company.

Shares of Coal India advanced 2.13% to end at Rs 163.15 on BSE.

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