Production of Northern Coalfields Ltd rose by 2.5 per cent to 4.32 million tonnes in the first fortnight of May up to May 15 and the company is on course to meet annual production target for 2020-21, its parent firm Coal India said on Tuesday.
"For the period up to 15 May'20, NCL (Northern Coalfields Ltd) produced 4.32 MTs clocking 2.5 per cent growth for the comparable period last year, being only CIL subsidiary to have registered growth," Coal India said in a statement.
Last month NCL produced 8.73 MT of coal, achieving 96 per cent of the month's targeted production. Importantly, there was no decline in growth compared to the same month last year.
NCL is targeting a production of 113.25 million tonnes (MTs) during the current fiscal, entailing a growth rate of 4.8 per cent, Coal India Ltd (CIL) said.
"Generally, the production tempo for coal companies picks up in the second half of the fiscal and especially in the Q4. With growth trend under its belt NCL could sail past target this year as well," said a company official.
NCL is the third-largest subsidiary of CIL which contributed to 18 per cent of CIL's overall coal output of 602.13 MT during 2019-20.
For two successive financial years, NCL has achieved its production target four days ahead of the closure of the fiscal.
In FY2020, NCL produced 108.05 MT of coal.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)