Coal India rises after March 2022 offtake nos. improve by 3% YoY

Coal India gained 1.67% to Rs 186.05 after the state-run coal major's offtake stood at 62 million tonnes (MT) in March 2022, growing 3.3% as compared with 60.1 MT recorded in the same month last year.

The company's coal production declined 1.1% to 80.3 million tonnes (MT) in March 2022 from 81.1 MT in March 2021.

On a sequential basis, the coal production surged 24.88% while offtake increased 8.01% in March 2022 as compared to February 2022.

Meanwhile, in a separate announcement, Coal India supplies to power sector soared to a record 540.4 million tonnes (MTs) with 95.4 MT volume increase, representing 27.4% growth as compared to 445 MT supplies of FY21.

CIL produced 622.6 MT of coal, eclipsing the previous high of 507 MT recorded in 2018-19. After shrinkage in last two years, CIL posted 26.4 MT production increase in FY22. Compared to 595.2 MT in FY21, the growth stood at 4.4%.

CIL's total off-take stood nearly 662 MT, registering a sharp 15.3% rise during FY22. The volume expansion stood at 87.4 MT as compared to 574.5 MT of FY21. Coal output and offtake targets are pegged at 700 MT for FY23 and the company is committed to achieve them, sustaining the performance of FY22.

On a consolidated basis, the PSU coal major's net profit jumped 47.7% to Rs 4,556.54 crore on 19.7% increase in net sales to Rs 25,990.97 crore in Q3 FY22 over Q3 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.

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