Coal India achieves remarkable growth without major management rejig

Despite significant management restructuring, government-run mining company ONGC could not deliver a notable increase in output

In just two years, state-owned Coal India Ltd (CIL) has raised its production by 151 million tonnes (MT). To put the number in perspective, CIL was producing just an average of 495 MT annually for a decade till FY22. 

So, how did the company achieve this turnaround? Fund manager Jefferies surprised the market in mid-March with its ‘buy’ call projecting a 27 per cent upside on the stock price. 

CIL is and will remain a government-owned company in the foreseeable future. The company has not rejigged its management much, except to appoint an Executive Director (operations) to its team. Despite