Coal India likely to report production of around 773.7 MT in FY24

Coal offtake is expected to stay restricted to 753 million tonnes, nearly 90 per cent of the target of 780 million tonnes, company sources said

Coal India Ltd is likely to report production of around 773.7 million tonnes (MT) for the 2023-24 fiscal, which will be close to a 10-per cent growth over last year, company sources said.

However, it is expected to fall short of the target of 780 million tonnes.

Coal offtake is expected to stay restricted to 753 million tonnes, nearly 90 per cent of the target of 780 million tonnes, they said.

The miner will announce its production and offtake numbers later on Monday.

The company's dry fuel supplies to thermal power plants touched the 610.8-million tonne mark on Wednesday, surpassing the target for this sector.

Coal India Chairman P M Prasad in a recent investor concall projected a shortfall in the wake of some land-related production hurdle in South Eastern Coalfields Ltd. All other subsidiaries, however, topped its targets.

The largest coal producer in the world registered its highest-ever production of 703.2 MT in the 2022-23 fiscal.

The target for the next fiscal year has been fixed at 838 MT, the sources said.

According to projections, demand for coal is likely to go up from 1,180 million tonnes in 2023-24 to 1,464 million tonnes in 2029-30.