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Coal India gains on reporting record coal off-take

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Coal India rose 1.22% to Rs 183.20 after the state-run coal major reported total coal supplies at 608.15 million tonnes (MTs) as of 4th March 2022.

Coal India (CIL) said it has moved past the previous highest coal off-take of 608.14 MTs achieved in FY19.

CIL chief Pramod Agrawal pointed out the "sustained efforts and inspired performance of CIL's subsidiaries and has written to them "to end FY22 on a sound note scaling even more highs."

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Almost all CIL subsidiaries are ahead in their respective coal off-take numbers over corresponding period last year, the company said in a statement.

 

CIL said it is concentrating its efforts to increase its supplies further in a bid to touch 670 MTs off-take mark in FY22.

CIL had pipped the 575 MT total coal despatch of FY21 on 16th February itself. Off-take ending FY20 was around 580 MTs.

"CIL's current off-take is averaging a little over 2 MTs per day and is expected to go up higher as the month progresses. We are hopeful of reaching 670 MTs if the demand holds" said a senior executive of the company.

On a consolidated basis, the PSU coal major's net profit jumped 47.7% to Rs 4556.54 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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First Published: Mar 07 2022 | 10:35 AM IST

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